The former England head coach was appointed as The Foxes’ manager back in October 2010, and was given funding to sign a raft of new players over the summer.
With the King Power Stadium outfit’s ambitions of reaching the Premier League this term, the current position of 13th was deemed unsatisfactory and they will now look for a new man to lead the team going forward.
City have only won five of their 13 games so far this campaign, and are eight points behind division leaders Southampton; A 3-0 home defeat to Millwall last weekend was the final nail in the Swede’s coffin.
“Leicester City football club has confirmed today that, by mutual agreement, Sven Goran Eriksson has ceased to be the first-team manager, with immediate effect,” a statement on the club’s official website read.
“The process of recruiting a new permanent manager will begin in the coming days. There will be no further comments from the club or any comment on the recruitment process until an appointment is made,” it concluded.
Frontrunners for the position are former Leicester boss Martin O’Neill, Mark Hughes and Alan Shearer.
By Gareth McKnight