Ranieri guided big-spending Monaco back to Ligue 1 last term, and was afforded a large budget to bring the likes of Radamel Falcao, Joao Moutinho and James Rodriguez to Stade Louis II this season.
Reigning champions Paris Saint-Germain have dominated the current Ligue 1 campaign though, despite Monaco's big financial outlay, and they sit 13 points behind the capital club with just six games remaining.
Monaco are in the semi-finals of the Coupe de France, and are on track to secure a UEFA Champions League place next season, but reports in France have suggested that Ranieri could leave the club - with France legend Zinedine Zidane tipped as a possible replacement.
Vasilyev moved to refute suggestions Ranieri will move on and praised the Italian's hard work.
"It (the rumours) amazes me," he told the club's official website. "I have already said Claudio Ranieri is under contract until June 2015.
"(He) works extremely hard with all his staff to achieve the objectives set at the beginning of the season.
"These rumours are not justified."
