Having picked up 29 points from 33 league games, the Foxes are languishing in the relegation zone with one point separating them from safety.
After replacing Brendan Rodgers earlier this month, Dean Smith is preparing for his fourth game as Leicester's boss.
The former Aston Villa and Norwich City manager has been tasked with keeping the Foxes in the top flight, but even if he is successful, the upcoming summer transfer window could see a number of players depart the club.
Here, Sports Mole looks at five players that could leave the King Power Stadium at the end of the season.
Youri Tielemans
Since joining from Monaco in the summer of 2019, Youri Tielemans has established himself as a key part of the Leicester side, scoring 28 goals and providing 25 assists in 190 games.
Tielemans is unlikely to reach 200 Leicester appearances though, with his contract set to expire in June.
The Foxes have held talks over a new deal, but the Belgium international is yet to put pen to paper on a contract, and as a result, he is expected to leave on a free transfer.
The midfielder has been linked with a number of Premier League clubs, including Arsenal and Newcastle United, while there is also said to be interest from Italian side Roma.
Despite coming to the end of his Leicester career, Tielemans is focused on helping Leicester in their relegation fight and he will not decide his next destination until the summer.
James Maddison
Leicester reportedly rejected a £50m bid from Newcastle United for James Maddison last summer, ensuring the midfielder remained at the club, where he has continued to be a key player.
The England international has registered nine goals and seven assists across 25 Premier League appearances this season.
Even if Leicester preserve their Premier League status, they may find it difficult to retain Maddison's services this summer.
The 26-year-old is set to enter the final 12 months of his contract, and they will want to avoid losing him on a free transfer in 2024.
Newcastle are still showing an interest, and he is believed to be among Eddie Howe's top three transfer targets for the summer transfer window, but the Magpies could face competition from the likes of Liverpool and Tottenham Hotspur, who have also been linked.
Unlike last summer, there is a suggestion that Leicester will accept an offer of £50m for Maddison with just a year left to run on his current deal.
Caglar Soyuncu
After spending five years with the Foxes, Caglar Soyuncu will depart on a free transfer when his contract expires in the summer.
Soyuncu has featured in 130 games for Leicester, but he has spent the majority of the 2022-23 campaign in the wilderness after being frozen out by Rodgers.
The centre-back has returned to the fold since Smith's arrival, playing the duration of Leicester's last three matches.
Despite being brought back into the first-team fold, Soyuncu will leave at the end of the season, and he is set to sign for La Liga giants Atletico Madrid.
The Turkey international was linked with a move to the Spanish giants during the January transfer window before the proposed transfer broke down.
After the January move failed to materialise, Atletico turned their attention to securing Soyuncu for next season, and the defender has already signed a pre-contract agreement with the Spanish club.
Harvey Barnes
Harvey Barnes has been pivotal to Leicester's survival effort, scoring 10 goals and providing one assist in 29 Premier Legaue appearances this season.
The 25-year-old is currently the club's top scorer in the 2022-23 campaign, and they will be reluctant to let their academy product leave the club.
However, the Foxes may find it difficult to retain the winger's services if they are relegated to the Championship.
A recent report claimed that the Englishman is attracting interest from Newcastle, who may be able to offer him Champions League football.
In contrast to Maddison, Leicester would be in a slightly stronger negotiation position, with Barnes under contract until June 2025.
Jannik Vestergaard
Eighteen months after joining the club from Southampton for an undisclosed fee, Jannik Vestergaard could head out the exit door at the King Power Stadium.
Vestergaard has not featured in the Premier League this season, and he has had to settle for just three appearances in the domestic cup competitions.
In March, the defender criticised his treatment by Rodgers in an unauthorised interview with a Danish publication, and he was subsequently banished from the first-team squad by the former Leicester boss.
Smith was set to bring Vestergaard back into the fold before he sustained an injury, which will keep him out for the rest of the season.
Vestegaard, who was linked with a move to Fulham last summer, is set to enter the final 12 months of his deal and he could be allowed to move onto fresh pastures at the end of the campaign.