The Foxes looked set to share the spoils at Selhurst Park, after Ricardo Pereira's opener was quickly cancelled out by a Daniel Iversen own goal, but a 94th-minute winner from Jean-Philipe Mateta ensured Leicester returned home empty-handed.
Having picked up just one point from their last seven league matches, Leicester rounded off the weekend in the relegation zone.
With Leicester's nine-year stay in the Premier League at risk of coming to an end, the club's board decided to act swiftly, bringing an end to Rodgers's four-year tenure.
Graham Potter, who was sacked by Chelsea on Sunday, has reportedly turned down the opportunity to become the new Leicester boss, but a number of names have already been linked with the vacant manager's position.
Here, Sports Mole looks at five potential candidates that could succeed Rodgers at the King Power Stadium.
Rafael Benitez
Rafael Benitez has been out of work for over a year since leaving Everton in January 2022, but he revealed in February that he has turned down a number of offers from around the world.
When asked whether he would return to management, Benitez told the Daily Mail: "Yeah, yeah, for sure. The good thing I have is that because I have managed so many years and because I was successful, I can decide.
"I have had around 20 offers since I left Everton. National teams, different teams in Asia, in the Emirates, in Mexico. National teams everywhere.
"Some teams in England, some teams in Spain. The reality is you need to find the right one, the team that will allow you to build."
Benitez was unable to keep Newcastle in the Premier League when he took over the relegation-threatened side in March 2016, but he stayed on to win promotion back to the top-flight at the first time of asking, before guiding them to 10th and 13th place finishes in 2017-18 and 2018-19 respectively.
Having won 173 of his 359 Premier League games across spells with Liverpool, Newcastle and Everton, the Spaniard would certainly bring valuable experience to Leicester's survival fight.
Jesse Marsch
After being sacked by Leeds United in February, Leicester could offer Jesse March a swift return to management.
Marsch knows how to deal with the pressure of a relegation dogfight after guiding Leeds to Premier League survival with a dramatic 2-1 win over Brentford on the final day of last season.
The 49-year-old looked set to make an immediate return to management when he held talks with Southampton over their manager's position.
Marsch had repeatedly agreed verbally to take over, but discussions broke down over the length of the proposed contract.
Southampton were only prepared to offer him a short-term deal until the end of the season, while Marsch wanted a longer-term contract, which is something the Leicester board will need to bear in mind should they opt for the former RB Leipzig boss.
Ralph Hasenhuttl
Like Marsch, Ralph Hassenhuttl was also sacked during the current Premier League campaign, after being relieved of his duties as Southampton boss in November.
The German boss took over a Southampton side that was languishing in the relegation zone in December 2018, but he managed to guide them to a 16th-place finish, ending the season five points above the drop zone.
Southampton finished 11th in the 2019-20 campaign, but they had to settle for 15th place in Hassenhuttl's last two full seasons in charge.
The mention of Leicester may send a shiver down Hassenhuttl's spine after his Southampton side were hammered 9-0 by the Foxes in October 2019.
However, the Leicester job could give him the opportunity of making happier memories at the King Power Stadium, and he certainly has the knowhow of keeping teams in the top flight, following his 151 Premier Leagues as Southampton boss.
Adi Hutter
Adi Hutter would certainly represent a leftfield option for the Foxes, but he has developed a respectable reputation during his managerial career.
The 53-year-old won league titles in Austria and Switzerland, before heading to Germany to manage Eintracht Frankfurt and Borussia Mönchengladbach.
Frankfurt qualified for the Europa League in two of Hutter's three seasons in charge at Deutsche Bank Park.
Impressively, Hutter guided Frankfurt to fifth place in the 2020-21 season - the club's best finishing position in the top flight since the 1993-94 campaign.
In comparison to his Frankfurt tenure, Hutter experienced an underwhelming spell as Monchengladbach boss, with his only season in charge yielding a 10th-place finish.
After leaving die Fohlen by mutual consent last summer, Hutter has now had time to recharge his batteries and could be interested in managing in the Premier League for the first time.
Ange Postecoglu
After recruiting Rodgers from Celtic four years ago, Leicester could attempt to lure another manager from the Scottish champions to fill their vacant manager's position.
Following his appointment as Hoops boss in 2021, Postecoglu won lifted the Scottish Premiership and Scottish League Cup in his first season in charge.
The Hoops have gone from strength to strength this term, retaining their League Cup trophy and establishing a nine-point lead at the top of the table.
Postecoglu have racked up 95 goals in 30 league games this season, highlighting the attacking brand of football that he could offer the Foxes.
However, with Celtic closing in on the league title and in the semi-finals of the Scottish Cup, the 57-year-old may be unwilling to walk away from a possible treble.