Former Juventus and AS Roma boss Ranieri took over from Gian Piero Gasperini in September, initially lifting Inter from the Serie A relegation zone to fourth place but they have dropped to seventh after a dreadful run.
"We are thinking, we are seeing what to do. Now I'll call Ranieri because I still haven't heard from him and we will see a little bit what to do," Moratti told reporters on Monday before being asked if the squad could improve under Ranieri.
"I believe so but now I want to hear Ranieri's state of mind and that of the players. I heard it the other day and it seemed to me like they had recovered psychologically but many times that's not enough. We have all seen the Napoli game, so..."
Inter, who have not scored in five games as Ranieri struggles to reintegrate Wesley Sneijder, have also been knocked out of the Italian Cup as holders and lost 1-0 at Olympique Marseille in their Champions league last-16 first leg last week.
Ranieri, whose side lost 1-0 at Napoli at the weekend, quit hometown club Roma last season after a similar dip in form.
Since Jose Mourinho's departure following Inter's unprecedented 2010 treble triumph in Serie A, the Italian Cup and the Champions League, the club have lurched through four managers and failed to adequately rejuvenate an ageing side.
