"It was important to bringing a coach who knows the club, understands the environment, can speak the language and is able to motivate the players". "We have one objective remaining this season and that is to finish in the highest possible league position and secure qualification for the Champions League".
"When Roma calls you, you can't say no", said Ranieri after his arrival was made official.
Roma are fifth in Serie A, three points off the Champions League berths for next season.
Ranieri's first game in charge will be against Empoli at the Stadio Olimpico on Monday evening.
Claudio Ranieri of Fulham FC looks on during the Premier League match between Crystal Palace and Fulham FC at Selhurst Park on February 2, 2019 in London, United Kingdom.
The 67-year-old Italian replaces former manager Eusebio Di Francesco, who was thrown out of the club after crashing out of the Champions League.
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"On behalf of myself and everyone at AS Roma, I'd like to thank Eusebio for his work and his commitment", team president Jim Pallotta said in a release.
Ranieri was in charge of Roma between 2009 and 2011, leading them to a second-place finish in Serie A and the Coppa Italia final in 2010. "We have 12 games left and we need to win as many of them as possible".
The Guardian have Ranieri as the favourite for the Roma job, with Di Francesco losing his job after his side were knocked out the UEFA Champions League.
Arsenal have moved a step closer to appointing Monchi as their new technical director after Roma announced that the Spaniard had left the club.
Ranieri's coaching career has included top Italian clubs Juventus, Inter Milan and Napoli.