Reports suggests Juve first tried to get former coach Marcello Lippi as Didier Deschamps’ successor.
Ranieri said: “This is a beautiful, difficult and electrifying challenge.
“It is a great opportunity for me and there’s a lot of work to do in order to recover Juve’s standing.”
He continued: “I have the possibility to return Juve to where they belong and it is an electrifying challenge which I don’t fear.
“It is an ambitious project but I am certain that we will do well and the fans should stay calm. We will make them proud of the team in Italy and then in Europe.”