Brendan Rodgers has left his role as Leicester manager after four years at the club.
Rodgers, who led Leicester to their first FA Cup success in 2021, departs with the Foxes in the relegation zone after Jean-Philippe Mateta's last-gasp winner at Crystal Palace on Saturday inflicted a fifth league defeat in six games.
Sky Sports News understands talks between Leicester bosses and Rodgers took place on Sunday morning when it was agreed it was best for all parties that he leave his role with immediate effect.
A club statement read: "Leicester City Football Club has reached a mutual agreement with Brendan Rodgers that will see him leave the club after four years as our men's first team manager.
"Brendan departs King Power Stadium as one of the most successful managers in the club's history, having guided us to our long-awaited first FA Cup triumph in 2021, the FA Community Shield in the same year, two of the club's three highest Premier League finishes and consecutive European campaigns, including our first European semi-final in 2022."
First-team coaches Adam Sadler and Mike Stowell will take "immediate responsibility" for managing the team, who play Aston Villa on Tuesday at the King Power Stadium.
"I think they have agonised an awful lot over this decision. This is not an easy decision for Leicester to have made. I think in truth a number of Premier League clubs would have pulled the trigger earlier such has been Leicester's poor form.
"He is very highly thought of Brendan Rodgers in the Leicester hierarchy and very popular in the fan base.
"There was a feeling that Brendan Rodgers was building something for the long-term at Leicester with all their ambitions to compete with the biggest clubs in the Premier League in the years to come.
"However, it feels to me that this is very much a decision that Leicester's bosses have taken for the short-term rather than the long-term. They felt as though the slide in terms of performances couldn't continue.
"They have taken this decision with a heavy heart and my understanding is that they gave Rodgers every chance to turn things around and that he had earned that chance to turn things around.
"My understanding is that Leicester do not have a ready-made replacement lined up and there is no specific timeframe that they are working to in terms of finding someone to take over from him."
"Football can be cruel. There wasn't a lot in the game. We started the second half really well and scored a fantastic goal. It was a debatable free-kick but [Eberechi Eze] finishes it well.
"After that we stopped playing really and then there wasn't too much created. The final moments of the game you need that bit of concentration and you need to be strong and resolute.
"Unfortunately we gave them too much space but we certainly never deserved that and I feel for the players. It feels really harsh to have lost the game.
"We are not at the peak of our confidence but the players have shown resilience today and the result at the end, there is pain there. But we have to use that going into our next game on Tuesday