The Foxes dumbfounded practically everyone by clinching their first Premier League title this season, despite battling relegation for almost all of last year and most expecting them to be at the wrong end of the table once again this term.
But while Leicester's title win was one of the greatest sporting accomplishments in recent memory, Ranieri insisted that what Forest achieved almost four decades ago was more impressive.
"I hope we get to their level in a few years."
As well as their league and European Cup success, the Championship side would also win the League Cup on two occasions during that three-year period.
With Leicester proving that almost anyone can come out of nowhere to mount a title bid, it will be extremely difficult for Ranieri's men to repeat their success next season, especially as they will also have a Champions League campaign to look forward to which will stretch the squad.
But with Leicester proving all of their doubters wrong this season, it would perhaps be a risk to suggest that they were not going to add some more silverware in the coming years.