Preheat the oven to 350 degrees F (175 degrees C). Grease a 3-cup oven-proof serving dish with cooking spray.
Combine shredded chicken, cream cheese, and cayenne in a 10-inch nonstick skillet over medium heat. Stir until cream cheese has melted, 2 to 3 minutes. Stir in ranch dressing, remove from heat, and pour into the prepared dish. Spread Buffalo sauce evenly over top and sprinkle with Cheddar.
Bake in the preheated oven until dip is warmed through and cheese is melted, about 20 minutes. Remove from the oven and sprinkle with blue cheese. Serve warm.
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