The 65-year-old was relieved of his duties in February with the Foxes facing a relegation battle.
But things are looking up for Ranieri, who will receive a Panchina d'Oro (Golden Bench) award next week, handed out to the best Italian coach each year. Previous winners include Massimiliano Allegri, Antonio Conte, Francesco Guidolin and Jose Mourinho.
The trophy is actually quite small, though – sadly not one for the garden, as amusing as that might be.
Ranieri was named FIFA's Coach of the Year in January.
The Italian FA said: "During the ceremony a special Golden Bench will be given to Claudio Ranieri, the protagonist of the extraordinary journey by Leicester, with whom he won the Premier League."
The event will take place at Italy's national training centre, Coverciano, on Monday.
Hail, Claudio!
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