The Foxes confirmed Rodgers’ dismissal on Sunday following Saturday’s last-ditch 2-1 loss to Crystal Palace which left them in 19th.
The club said in a statement: “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.”
Rodgers had taken over at Leicester in February 2019, following spells with Liverpool and Celtic, leading the side to 2021 FA Cup glory and European qualification on numerous occasions.
However, Rodgers has been unable to get the Foxes away from the relegation battle this term after a dire start followed by a brief mid-season revival, with a seven-game winless run leading to his downfall.
Leicester City chairman Aiyawatt Srivaddhanaprabha said: “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.
“However, performances and results during the current 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.
“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.”
Former Brighton boss Graham Potter, who was sacked as Chelsea manager on Sunday, is among those linked with the vacant post.