MySql:inicializa la variable mySql dentro de una consulta

No tiene que inicializar la variable en la subconsulta. En su lugar, puede inicializar la variable usando CROSS JOIN :

SELECT time_of_day, 
       @channel_rank := IF(@current_channel = channel, 1, 
                             @channel_rank + 1) AS channel_rank, 
       @current_channel := channel AS channel,Views
FROM
(
   SELECT time_of_day,channel, SUM(Views) AS 'Views'
   FROM access_logs_meaningful_optimized
   WHERE `time_of_day` = 0
   AND playing_date = '2016-10-26' 
   GROUP BY channel
   ORDER BY SUM(views) DESC
   LIMIT 5
) AS xx
CROSS JOIN (SELECT @channel_rank := 0) var