The former England boss - who suffer from his side's 3-0 home defeat at the hands of Millwall saw on Saturday - was his tasks by the Association of Thai owner relieved.
Despite this result, which looks incredibly short-sighted decision, given that a victory would be the foxes driven to fourth place.
Instead, they sit 13th in the championship, but they remain just two points from the play-offs and five behind an automatic promotion spot.
Eriksson took over only in the Walkers Stadium in October last year with the club rooted in the relegation zone.
However, boosted by the loan signings of Yakubu and Kyle Naughton, the foxes began to climb the table and finished the season at the 10th Place.
However, investors were new King Power Eriksson a £ 10 million war chest back in the summer with the aim of winning promotion to the Premier League.
And despite the Swede's strong management pedigree with the Italian giants Lazio and Three Lions, his new bosses in Leicester have the patience to run and swung the ax.