Leicester have sacked manager Marti Cifuentes after less than seven months in charge.
Cifuentes leaves the Foxes 14th in the Championship, following a 2-1 defeat to Oxford on Saturday.
The Spaniard lasted 29 Sky Bet Championship games, of which Leicester won only 10. They are six points off the play-off places and nine above the relegation zone.
First team coach Andy King will take charge of the squad until the appointment of a permanent manager.
The 43-year-old replaced Ruud van Nistelrooy, who oversaw the club's relegation from the Premier League, in June.
Cifuentes joined the Foxes from fellow Championship side QPR, signing a three-year deal. He had been placed on gardening leave by his former employers after holding talks with West Brom, who went on to appoint Ryan Mason.
Leicester paid QPR ÂŁ500,000 in compensation for Cifuentes, who covered half the fee by forgoing a portion of his wages and signing-on fee - meaning he effectively took a pay cut to move to the King Power Stadium.
Cifuentes had been happy to do so in order to oversee the project at Leicester. But with finances tight and the threat of a points deduction for alleged PSR breaches looming, the Spaniard was unable to turn around the club's fortunes.
Leicester chairman Aiyawatt Srivaddhanaprabha said in a club statement: "This has been a difficult decision and not one I have taken lightly. I would like to thank Marti for the total commitment he has shown during his time at Leicester City. He gave everything to the role and worked tirelessly to help us achieve our targets.
"However, I believe this is the right step at this time to improve performances and results, and to act in the best interests of Leicester City Football Club. MartĂ leaves with our thanks and our best wishes for the future."
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