The only reason i think it cud work is coz of Lippi's desire to coach a premiership team. And although Juve wud be a mouth watering prospect for Ranieri, i doubt he'd want to take up the job at Juve where he wud be at the risk of losing his job every week. As it is in the Serie A. Not that i think he wud do a good job at Juve either.
I think the best replacement for Lippi would be Luca Vialli imo. I'd like to see him at Juve more than Deschamps. He's got the charisma for a team like Juve and seems to have been a good student of the game as he proved with his time at Chelsea.