The former Premier League champions have sacked the French tactician after a run of one win in their last nine competitive outings.
Claude Puel has been sacked by Leicester City, the club announced on Sunday.
The Frenchman had seen his position come under increasing scrutiny in recent weeks and a 4-1 battering at home to Crystal Palace on Saturday sealed his fate.
A sizeable portion of the Foxes' fans stayed behind to vent their frustration at the King Power Stadium, with Leicester yet to win at home in 2019 and having earned just one victory in nine competitive outings.
And Leicester have opted to make the change, with a club statement reading: "Leicester City Football Club has parted company with Claude Puel, who leaves his position as First Team Manager with immediate effect.
Leicester City Football Club has today (Sunday) parted company with Claude Puel, who leaves his position as First Team Manager with immediate effect.https://t.co/VoZnGBJ8Up— Leicester City (@LCFC) February 24, 2019
"The club would like to thank Claude for his efforts in leading the team during his 16 months in the role and wish him well in his future career.
"Assistant Manager Jacky Bonnevay also departs with the club's best wishes.
"First Team Coaches Mike Stowell and Adam Sadler, supported by the club's established backroom staff, will assume responsibility for the senior squad while the club begins the process of appointing a new manager.
"The Board will make no further comment until this process is complete."
Puel's position has been in doubt for several months, but three wins in four matches – including back-to-back victories over Chelsea and Manchester City – over the busy festive period earned him a stay of execution.
The former Southampton boss has reportedly had an uneasy relationship with members of his squad this season, while there has been a growing apathy from the fanbase.
Leicester are 12th in the Premier League having taken 32 points from 27 matches this season.