The Premier League champions are firmly in a relegation fight, after losing 2-0 to Swansea at home on Sunday.
It was their fifth consecutive loss and the Foxes have not even scored a goal in the league this year.
The likes of Jamie Vardy, Riyad Mahrez and Danny Drinkwater have underperformed this season and Ranieri has hinted at getting ruthless.
“I could be [too loyal], could be,” he said.
“It is difficult when you achieve something so good, you want to give them one chance, two chances, three chances. Maybe now, it is too much.”
He added: “Of course I must change something because it is not possible to continue in this way.”
The 65-year-old however insists he is still the man for the job, in a week where the Leicester owners declared their support for him publicly.
“Yes, I think I am still the right man for the job,” he said.
“I always question myself but I always say ‘come on, we can do something good.’
“I think the strength of the man is to have the right balance. Not to be so high when you win; not to be so down when you lose.
“You can remember what we did last season but you need to stay with your feet on the ground and say we have to react together.
“I don’t think the players have lost belief. When I listen to them speaking, they want to react and do something better. That is important because I am confident when I listen to these words.
“But we have to find a solution soon.”