talkSPORT understands that the decision was driven largely by owner Aiyawatt 'Top' Srivaddhanaprabha.
He had concerns over Steve Cooper's playing style and also his relationship not just with the Leicester fans, but with players inside the dressing room as well.
Cooper lasted just 15 games in the job at the King Power stadium.
A 2-1 home defeat to Chelsea was the final straw and his exit confirmed just 24 hours later.
Furthermore, talkSPORT understands that Leicester's performances have been monitored for some time and the club felt they needed to act to maintain their Premier League status.
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Whoever does take over will be given funds to strengthen the squad in January in a bid to secure their top flight survival.
Here talkSPORT looks at the main candidates linked with the job.
Graham Potter
talkSPORT understands the next manager will not be Graham Potter, despite the Leicester owner revisiting the possibility of hiring Potter.
When Cooper was fired on Sunday, the former Chelsea boss is believed to have the same reservations that stopped him taking the job in the summer.
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Potter has been away from the dugout since his exit from Stamford Bridge in April 2023.
He has since been linked with a host of jobs domestically and in Europe, including with Manchester United and England.
David Moyes
Another name that's been mentioned in some quarters is that of David Moyes, but again, it's our understanding that he isn't part of the thought process at this stage.
The 61-year-old is available after leaving West Ham at the end of last season.
During his second spell in charge of the Hammers, Moyes secured three consecutive European campaigns and won the Europa Conference League.
A host of Premier League strugglers have been eyeing him since, including Crystal Palace, Wolves and Southampton.
Carlos Corberan
Corberan has done a good job at West Brom and was someone the Leicester hierarchy looked at last time round before settling on Cooper.
He has a £4million release clause in his contract, so that would be a costly hire.
The Spaniard guided the Baggies into the play-offs last term in his first full season in charge.
Meanwhile, they have made another strong start to the current campaign, sitting sixth in the Championship with just two defeats from 16 matches.
Ruud van Nistelrooy
He had four games in charge as interim Manchester United manager and he's really keen to get a Premier League job and would love the opportunity to replace Cooper, so he's one to keep an eye on.
Ruud van Nistelrooy's only previous senior managerial experience came with PSV during the 2022/23 season.
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The former Netherlands striker guided the club to a Dutch Cup triumph during his solitary campaign in the dugout.
Since leaving Old Trafford earlier this month, Van Nistelrooy has been linked with the vacant positions at both Coventry and Hamburg.