The Italian international has been linked with Tottenham Hotspur and Everton among others.
The 27-year-old has played 161 matches for Inter but he has been used sparingly this season, featuring predominantly as a late substitute and managing just 71 minutes in the last five Serie A games.
That has prompted Gazzetta dello Sport to suggest his time at the club could be coming to an end, with a January move to Milan on the agenda.
The report goes on to suggest that both Tottenham and Everton are interested in a player who has been capped 20 times for Italy. However, it claims there is less likelihood of him moving to England than swapping one Milan club for another.
Both Tottenham and Everton have recently strengthened the centre of their defence, but with Federico Fazio looking anything but secure in his one appearance for Spurs to date, and Eric Dier excelling in midfield, Mauricio Pochettino could yet feel that he needs one more central defensive option along with Toby Alderweireld, Kevin Wimmer and Jan Vertonghen.
Similarly, Everton manager Roberto Martinez will be aware that Phil Jagielka is not getting any younger, and at 27 Ranocchia would be a sensible option.