Leicester City Vice Chairman Aiyawatt Srivaddhanaprabha said: “Craig has been a great servant to Leicester City – during his spells as an Assistant Manager and since taking over as Manager in challenging circumstances in February.

“His dedication to the Club and to his work has been absolute and the contribution he made to the most successful period in Leicester City history is considerable.

“However, our early promise under Craig’s management has not been consistently evident in the months since and the Board feels that, regrettably, a change is necessary to keep the Club moving forward – consistent with the long-term expectations of our supporters, Board and owners.

“Craig is and will remain a very popular, respected figure at Leicester City and will be welcome back at King Power Stadium in future, both professionally and as a friend of the Club.”

The club said that it will now begin the process of identifying and appointing its next first team manager.

Earlier:

Craig Shakespeare has reportedly been sacked as Leicester City manager this afternoon.

Last night's 1-1 draw with West Brom leaves the 2016 champions in the Premier League's bottom three.

⚽️🎥 Craig Shakespeare talks to LCFC TV after his side's 1-1 draw with West Brom at King Power Stadium on Monday night. #LeiWba pic.twitter.com/zU4LuvdCGw

— Leicester City (@LCFC) October 17, 2017

The 53-year-old became caretaker basis last February following a poor start under Claudio Ranieri.

After keeping the 2015-16 champions in the Premier League he was handed a three-year contract ahead of the current campaign.

However, with just one win to their name from the opening eight games of the season, Leicester's owners have reportedly called time on Shakespeare's reign.

Craig Shakespeare sacked by Leicester. Bring back Claudio.

— Gary Lineker (@GaryLineker) October 17, 2017

The club has yet to officially confirm the news.

Shakespeare was given around £60m to spend on players in the summer transfer window, including £25m for striker Kelechi Iheanacho, £17m for centre-half Harry Maguire and £15m on midfielder Vicente Iborra, but Leicester's only Premier League win came against newly-promoted Brighton in August.

Their only other points have been picked up in draws against Huddersfield, Bournemouth and West Brom while Shakespeare oversaw wins against Sheffield United and Liverpool in the Carabao Cup.

Last night's 1-1 home draw with the Baggies saw Leicester's winless Premier League run reach six matches - the same as when Ranieri was sacked earlier this year.

However, it was not thought that Shakespeare's job was under immediate threat following a difficult start to the season which brought fixtures against Arsenal, Manchester United, Chelsea and Liverpool.

Shakespeare said last week that he felt the forthcoming run of games before the next international break in November provided an opportunity to put points on the board and climb away from the bottom end of the Premier League table.

Leicester travel to Swansea on Saturday before a Carabao Cup tie against Championship club Leeds and matches against Everton and Stoke.