The decision to dismiss the Italian who lead the Foxes to arguably the greatest triumph in English football history was said to have been made after the 2-1 Champions League defeat in Seville on Tuesday.
Leicester City vice-chairman, Aiyawatt Srivaddhanaprabha, described the sacking of Ranieri as one of the toughest decisions the club has had to take in recent times.
He said, “This has been the most difficult decision we have had to make in nearly seven years since King Power took ownership of Leicester City. But we are duty-bound to put the club’s long-term interests above all sense of personal sentiment, no matter how strong that might be.
“Claudio has brought outstanding qualities to his office. His skilful management, powers of motivation and measured approach have been reflective of the rich experience we always knew he would bring to Leicester City. His warmth, charm and charisma have helped transform perceptions of the Club and develop its profile on a global scale. We will forever be grateful to him for what he has helped us to achieve.
“It was never our expectation that the extraordinary feats of last season should be replicated this season. Indeed, survival in the Premier League was our first and only target at the start of the campaign. But we are now faced with a fight to reach that objective and feel a change is necessary to maximise the opportunity presented by the final 13 games.”
As stated by the club, first team preparations for Monday’s Premier League fixture against Liverpool will resume on Saturday, with assistant manager Craig Shakespeare and first team Coach Mike Stowell taking charge of the squad until a new manager is appointed.
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