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The Italian's position has come under intense scrutiny this season during a slump that has left the Foxes, who started the 2015/16 campaign as 5,000/1 title no-hopers, just a point above the relegation zone and battling for top-flight survival ahead of this weekend's matches.
Not even a gutsy 2-1 loss away to Sevilla in the first leg of a Champions League last 16 tie on Wednesday was enough to spare Ranieri the sack.
The Thai-owned club announced: "Leicester City Football Club has tonight (Thursday) parted company with its first-team manager, Claudio Ranieri.
"Domestic results in the current campaign have placed the club’s Premier League status under threat and the board reluctantly feels that a change of leadership, while admittedly painful, is necessary in the club’s greatest interest."
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