Tinkerman Ranieri said on radio today: "I think Chelsea have more chances because they are used to being in this position but they must be careful."
He added: "Liverpool are strong in the Champions League.
"The Chelsea strikers, whoever they are from Damien Duff, Didier Drogba, Eidur Gudjohnsen, Arjen Robben, will be the key to this match I think.
"Last season we built a very good foundation but now it is Jose Mourinho's team.
"When we played against Monaco in the semi-final we had some players who were not in the right condition.
"Damien Duff was injured, Marcel Desailly was not in great condition and we were without Hernan Crespo - a lot of good players were not fit.
"My team was last season. This season it is Mourinho's team and now I am very happy and proud they are trying to win it again.
"I think they have the right mentality and the right experience to try and win everything. It won't be easy against Liverpool because they defend very well, but Chelsea could win everything."