Chivu, a former Inter defender and Primavera coach, has agreed terms with the Nerazzurri over a return to 2027. He succeeds Simone Inzaghi, who has been named Al-Hilal coach this week.
The Romanian is off contract at Parma at the end of the month, though Inter are keen to negotiate with his club a release over the coming days so he can lead the team at the Club World Cup this month.
Ranocchia told DAZN: "Cristian is the right man for Inter both from a football and a human point of view. He is very intelligent, has his head on his shoulders, knows how to make a group and always makes himself loved.
"I hope that the opportunity to see him at the helm of Inter will materialize. I think it's the right choice."
Good man-management
Ranocchia also said, "When he coached Inter Primavera he used the same tactical system as the first team and for this reason it would be the right profile to collect the legacy of Inzaghi's 3-5-2. Humanly Chivu is very intelligent.
"He had important coaches with whom he confronted himself as a player.
"These experiences could be very useful in a reconstruction phase such as the one that Inter will probably face based on the next moves of the club on the market and the arrival of some young people too."