Claudio Ranieri is ready to receive a £3million pay-off after being axed just six months into a new four-year contract.
Leicester chiefs wielded the axe on Thursday after a nightmare run of results that leaves them scrapping for Premier League survival.
It comes nine months after the Italian defied 5000/1 odds to guide the Foxes to a shock title success.
Ranieri was rewarded with a bumper new double-your-money deal in August that earned him £3m-a-year, and Mirror Sport understands the 65-year-old is in line to receive 12 months’ money as part of his severance package.
Meanwhile, the sacked manager claims the Foxes have destroyed his dream of staying at the club for life.
In an incredibly heartfelt and emotional statement, Ranieri said his “dream died” after being sacked as Leicester manager following a dressing room revolt.
Ranieri described last season’s title success as “the greatest story in football” as Leicester defied odds of 5,000/1 to win the Premier League.
Former Leicester boss Ranieri even thanked the players who had ultimately got him the sack by complaining to the club’s Thai owners.
Ranieri said: “Yesterday my dream died. After the euphoria of last season and being crowned Premier League Champions all I dreamt of was staying with Leicester City, the Club I love, for always. Sadly this was not to be.
“I wish to thank my wife Rosanna and all my family for their never ending support during my time at Leicester. My thanks go to Paolo and Andrea who accompanied me on this wonderful journey.
“Mostly I have to thank Leicester City Football Club. The adventure was amazing and will live with me forever. Thank you to all the journalists and the media who came with us and enjoyed reporting on the greatest story in football.
“My heartfelt thanks to everybody at the Club, all the players, the staff, everybody who was there and was part of what we achieved.
“But mostly to the supporters. You took me into your hearts from day one and loved me. I love you too. No one can ever take away what we together have achieved, and I hope you think about it and smile every day the way I always will.
“It was a time of wonderfulness and happiness that I will never forget. It’s been a pleasure and an honour to be a Champion with all of you.”
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