Dynamic duo Jamie Vardy and Riyad Mahrez have been two of the stars of the season with their phenomenal goalscoring exploits as Leicester mount an unlikely assault on the established Premier League elite.
The Foxes have only won one of their last five league games and were knocked out of the FA Cup by Tottenham Hotspur on Wednesday night.
Rodgers' former clubs Liverpool and Swansea languish down in ninth place and 17th place respectively.
'It's about belief'
But the Northern Irishman has told Sky Sports' Monday Night Football that sees similarities between his Liverpool side which finished runners-up and think Ranieri's side can make the top four as long as they believe.
"I think with Leicester it's just about belief," he told MNF.
"They arrive now on 44 points and they're there because they're a good side.
"Now they'll get plenty of people between now and the end of the season telling them that they haven't got the experience and they haven't got winners of the league within their team.
"But what they have got is very, very good players so they arrive in the moment now and for me they can just be free, be aggressive and just continue to play because there will come a period in the last 10 games, and particularly in the last five games, where if they are still there that run-in then becomes pressurised."
'Cup exit an advantage'
Rodgers also feels being out of the cups and not competing in Europe will give the Foxes a major advantage over their rivals as he experienced when almost leading Liverpool to the title in 2013/14.
The former Chelsea youth boss said preparing for one game a week will enable Ranieri to really analyse his opponents and get his team fully prepared.
"If they can keep all their players fit, keep playing with the freedom that they have done and don't overthink it, which is important, and not listen so much to all the people saying 'they can't do it' then I think they have a great chance, OK not winning it (the title) but to get in that top four," Rodgers added.