Ranieri was appointed Leicester manager in July 2015, winning just over 44% of his league matches.
Manager Claudio Ranieri has been sacked by Leicester City, after nine months he leading them to the Premier League title.
Ranieri, guided the Foxes to the title despite them being rated 5,000-1 shots at the start of the campaign.
After his departure less than 24 hours, a 2-1 defeat at Spanish side Sevilla in the first leg of their Champions League last-16 tie.
The Foxes took the Premier League title by 10 points, he just has won five top-flight games this season and could become the first defending champions to be relegated since 1938.
They have lost past five league matches and are without a league goal in 2017.
Earlier this month, Leicester gave their "unwavering support" to the Italian, who was appointed the manager in July 2015 and signed a new four-year deal in August 2016.
Claudio has brought outstanding qualities to his office. His skillful management, powers of motivation and measured approach bring rich experience to Leicester City.
His charisma has helped transform perceptions of the club and develop its profile on a global scale.
Assistant manager Craig Shakespeare and first-team coach Mike Stowell will take charge of the squad until a new manager is appointed.
Paolo Benetti and Andrea Azzalin, both main members the coaching staff, have left the club.
It is the shocking fact. How can Claudio be gone? who won the hearts of all supporters with his good humor, class, and dignity as he led the Foxes to the title.
After 26 games last year they were top on 53 points, two ahead of Spurs. In this season they are with only 21 points. Last season they had lost only three games compared with 14 in this campaign and conceded only 29 goals compared with 43 this term. They only conceded 36 in the entire 2015-16 season.
very clearly in the opinion of Leicester's owners, dangerous.
Leicester's league record under Claudio Ranieri
Total of 63 Premier League games