Craig Shakespeare has thanked Leicester's owners for giving him his first chance in management and expects the club to move clear of the Premier League relegation zone.
The Srivaddhanaprabha family, the club's Thai owners, are searching for a third manager in eight months after sacking Shakespeare on Tuesday, just four months into a three-year contract he signed in the summer.
The 53-year-old replaced Claudio Ranieri on a caretaker basis in February but was given a permanent deal after keeping the 2015-16 champions in the Premier League and guiding them to the quarter-finals of the Champions League.
However, Leicester have won only one league match this season and sit in the bottom three of the table after Monday night's 1-1 home draw with West Brom extended their winless run to six Premier League games.
In a statement to the League Managers Association, Shakespeare said: " I would like to thank the owners and board of Leicester City for giving me the opportunity to manage this fantastic club.
"My sincere thanks also to the players, who have always been a pleasure to work with. I have every confidence that, given time and once at full strength, this squad will pull away from its current Premier League position and soon deliver the high levels of performance they have demonstrated over the past three seasons.
"I have thoroughly enjoyed working with my coaching staff and the staff throughout the club, who I thank for their hard work and support.
"I will always have such special memories, both on and off the pitch, from my two spells working for Leicester City. Memories which I have shared with the club's outstanding fans. I would like to thank each of them for their support, especially in the past six months as I have made the transition into management.
"Finally, I'd like to wish Leicester City every success for the future as I move on to the next challenge in my career."