Coach Cesare Prandelli, who on Monday was forced to drop Domenico Criscito after the left back was warned by police that he was being probed in a fix investigation, whittled his squad down from 25 ahead of UEFA's deadline for the June tournament.
Inter centre back Ranocchia's exclusion means Bonucci could well start their Euro 2012 Group C opener against holders Spain in Gdansk on June 10.
Bonucci's name has been mentioned in testimony during the match-fixing probe but he has not been formally put under investigation and has denied wrongdoing.
The Italian federation has said it is happy with the Juventus defender's inclusion.
Italy will also face Croatia and Ireland in Ukraine and Poland.