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23rd February 2017
07:55pm GMT
Appointed in 2015, Ranieri was expected to oversee a relegation battle at the King Power stadium. The Foxes were 5,000 to one to win the league title, yet ended up winning it by 10 points.
Ranieri was named Fifa coach of the year for 2016 and looked to have a job for life at Leicester after last season's heroics.
However, the Foxes have struggled badly this season.
The Premier League champions have yet to score a league goal in 2017, and are currently one point and one place above the relegation zone.
They have won just five games in the league this season, and there have been reports of unrest in the dressing room.
Ranieri's last game in-charge was on Wednesday night, a credible 2-1 loss away to Sevilla in the last-16 Champions League first leg tie.
The club's vice chairman Aiyawatt Srivaddhanaprabha 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.Leicester have released a statement on their website, writing:
"Claudio, appointed City manager in July 2015, led the Foxes to the greatest triumph in the Club’s 133-year history last season, as we were crowned champions of England for the first time. His status as the most successful Leicester City manager of all time is without question. "However, 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."Catch up with this week's episode of 888sport Football Friday Live
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