Ranieri's men have made an unbeaten start to the campaign and sit top of Ligue 1 having won four of their five opening matches, but face their sternest test yet when they travel to the Parc des Princes on Sunday.
The newly-promoted club spent heavily during the close-season and the arrival of Falcao, Joao Moutinho and James Rodriguez have raised expectations of a title challenge.
However, Ranieri has sought to take the pressure off his side by claiming PSG - who are also undefeated, but sit two points behind his men in the table - need a victory more than Monaco.
"Winning the game is more important for PSG than for us," the 61-year-old said. "The players are very motivated for this game, for us it will be a good test.
"I do not think PSG will suffer after their match in the Uefa Champions League, this is only the beginning of the season."
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