"Our aim remains the same. We are trying to reduce the age of the squad and we will make a few changes by bringing in new players," said the Italian after watching his side lose 2-0 to Lazio in a friendly here at the Flaminio stadium on Friday.

"Now we are building a team. We can't expect to be number one immediately and we have to be patient. This is an incredible opportunity for me and everyone at the club. These are exciting times.

"But you have to remember that we finished fourth last season before Mr Abramovich arrived and we already have a lot of talent in the squad. Now we have the chance to take things forward."

Chelsea have been linked with a number of star players since oil tycoon Abramovich took control, including Arsenal duo Thierry Henry and Patrick Vieira, Manchester United's Juan Sebastian Veron, Inter Milan striker Christian Vieri and Juventus' Dutch midfielder Edgar Davids.

But so far the London club have signed 18-year-old right-back Glen Johnson from West Ham and Real Madrid's Cameroon midfielder Geremi, who spent last season on loan at Middlesbrough.

Chelsea have also agreed fees for Blackburn's Republic of Ireland winger Damien Duff and Southampton's England full-back Wayne Bridge, both currently discussing personal terms.

Carlo Cudicini, Chelsea's goalkeeper, said the players have found the media circus surrounding their potential transfer targets highly amusing.

"Nearly every star is on his way to Chelsea according to the newspapers but most of these reports are a joke," said the Italian, who started his career in the lower leagues before moving to England.

"We already have a good group here and not a lot has to change. We will see what presents the new owner brings."

Chelsea's Dutch midfielder Boudewijn Zenden said the squad, who have spent the last week in Italy at their summer training camp, were not being distracted by the continual press speculation over the club's potential buys.

"Everyone is just focusing on the season ahead," said Zenden, who since joining from Barcelona has been in and out of the side with niggling injuries.

"The new owner is out there looking for the best players he can get and trying to build a team that can win trophies. Competition for places will be tough but that is the same at any club."

Ranieri said the spending spree would continue before the new season gets underway.

"We will bring in two or three more, but that may change if Duff and Bridge sign," said the former Fiorentina, Valencia and Atletico Madrid coach.