Italian Ranieri took over from Nigel Pearson on a three-year contract in July and Leicester are keen to offer him improved terms and tie him down to a long-term deal in the wake of his spectacular achievement.
"At the end of the season we will talk about that (extending Ranieri's contract) with him," Srivaddhanaprabha told British media.
"We will sit down together and when we talk about something, it's long term, not just until September. I like people to work for me when they are happy and enjoy working with the group of people."
Srivaddhanaprabha, son of Leicester's billionaire Thai owner Vichai, reiterated the club's commitment to keeping their best players and strengthening the squad in the close season.
Speculation has mounted in the days following Leicester's remarkable title triumph that the likes of midfielder Riyad Mahrez, midfield enforcer N'Golo Kante and top scorer Jamie Vardy may be lured away by bigger rivals in England or Europe.
"We will try everything that we can to build the team and to secure the same group of players and add some quality," Aiyawatt added.
"I have to talk to all of the scouts when they give me the lists. I have to talk to Claudio about which player he wants. I always support, always."
