The Saints were keen on a deal but the Italian has turned them down, although he remains on the transfer market.
The Saints are keen to add further defenders to their squad before the close of the transfer window, having lost out on the signing of Toby Alderweireld to Tottenham earlier in the window.
They have been linked with a number of players as replacements for the Belgian, and were thought to be keen on a deal for Italian defender Ranocchia.
However, it seems he has turned down a move to St Mary’s, instead opting to stay in Italy with Roberto Mancini’s side. As far as Sportmediaset are concerned though, he remains on the transfer market and could still leave the Nerazzurri.
The failure to secure Ranocchia could cause to push the Saints to further pursue a deal for Celtic defender Virgil van Dijk.
They have been linked with the player by SkySports earlier this summer, as have a number of sides, but so far a move away from the Scottish champions is as yet to materialise despite the increased speculation surrounding him.
With Ranocchia turning down a move though, and Ronald Koeman in need of further defensive recruits, a deadline day move remains in play.