But the shocking defence of their league crown has proved too much for the Foxes hierarchy and they are now in search of a new manager to bring back some pride.
Roberto Mancini it seems the early favorite to return to a club where he had a short stint as a player. The Italian is 5/4 (2.25) to take over at the King Power Stadium with Paddy Power.
Frank De Boer left Inter Milan after a frustrating spell at the San Siro. The ex-Ajax boss, who has been regularly been linked with Premier League jobs is 5/1 (6.0).
Alan Pardew is an 8/1 (7.0) shot to take charge after leaving Crystal Palace earlier this season but his poor results with the Eagles may force him behind.
Gary Rowett, another former player, is priced at 8/1 (9.0). While the ex-Birmingham boss doesn’t have the worldwide appeal of Mancini, he is an up-and-coming manager with a nice reputation for his work at both Burton and in Birmingham.
The same firm give 8/1 (9.0) odds to Nigel Pearson, the man whom Ranieri replaced, who can make a sensational third return to the club, although the bitter experience he had while leaving suggests that price may not prove a fruitful investment.
Neil Lennon has vast managerial experience both in England and with Celtic. He is listed as a 12/1 (13.0) chance to return to Leicester where he played a key role in several Premier League campaigns.