Brendan Rodgers has previously managed Watford, Reading, Swansea, Liverpool and CelticLeicester City have sacked manager Brendan Rodgers following a fifth defeat in six Premier League matches.
Rodgers was appointed in February 2019 and led the club to its first FA Cup triumph in 2021.
But in a statement, chairman Aiyawatt Srivaddhanaprabha said performances and results this season have been "below our shared expectations".
"It had been our belief that continuity and stability would be key to correcting our course, particularly given our previous achievements under Brendan's management," he added.
"Regrettably, the desired improvement has not been forthcoming and, with 10 games of the season remaining, the board is compelled to take alternative action to protect our Premier League status.
"The task ahead of us in our final 10 games is clear. We now need to come together - fans, players and staff - and show the poise, quality and fight to secure our position as a Premier League club."
There have now been 12 managerial departures in the Premier League this season.
'His place in Leicester history is assured'
Rodgers led Leicester to consecutive fifth-place finishes in his first two full seasons as Foxes boss, as well as beating Chelsea to lift the FA Cup in 2021.
But his side began the 2022-23 campaign with seven defeats from their opening 10 Premier League games, slumping to the bottom of the table before a run of four wins from five games going into the World Cup break.
They have struggled since the season resumed, however, collecting just seven points from 33 available.
Leicester exited the EFL Cup against Newcastle and the FA Cup against Blackburn during that run.
The Foxes rallied in January when a 2-2 draw with Brighton was followed by impressive wins over Aston Villa and Tottenham - scoring four goals in both of those victories.
But results again dipped, with the club failing to win in eight games in all competitions since the victory over Spurs on 11 February.
In a crucial game against fellow strugglers Palace, the hosts playing their first game since sacking manager Patrick Vieira and reappointing Roy Hodgson, they lost out to Jean-Philippe Mateta's 94th-minute winner.
Leicester, in 18th before Sunday's matches, are one point from safety in a tight battle for survival - with seven points separating the bottom nine sides.
Srivaddhanaprabha added: "The achievements of the team under Brendan's management speak for themselves - we've experienced some of our finest footballing moments under his guidance and will always be grateful to him and his staff for the heights they helped us to reach on the pitch.
"Off the pitch, Brendan embraced the culture of the club and helped cultivate an outstanding developmental environment, particularly during the transition to Seagrave, and provided strong leadership during the unprecedented challenge of the coronavirus pandemic. His place in Leicester City history is assured."
Earlier in the season, Rodgers said Leicester was not the club "that it was a couple of years ago" after a frustrating summer transfer window.
In March, Leicester announced pre-tax losses of £92.5m for the year up to 31 May 2022 - an increase of £61.3m compared to the previous 12 months.
