The Foxes couldn't cut a deal with the Russian club in January but are determined to get their man in the summer
The Leicester boss is determined to land the 23-year-old Nigeria captain despite having a determined effort to land him blocked on Deadline Day.
CSKA refused to countenance selling him as they believe his departure would weaken the team too significantly.
They are currently top of the Russian Premier League and face Dinamo Kiev in the knockout stages of the Champions League.
Musa, who has netted 10 times in all competitions this season, continued his good form with a goal to help beat Valarenga in a friendly last Wednesday.
CSKA are trying to persuade Musa, who signed a new four-year deal last year, that his future lies with them beyond this summer.
But the player is understood to have his heart set on a move to the Premier League and has been assured that Ranieri is impressed enough by him to continue his pursuit.
Leicester had bids of £15million and £18.7million turned down for Musa last month. Stoke and Southampton are also interested.
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