MirrorSport reports that senior members of the squad, recently complained about Ranieri to the club owner, Vichai Srivaddhanaprabha.
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The Italian delivered the Premier League title last season despite the 5,000-1 odds.
This season, Ranieri failed to recapture those dizzy heights, as Leicester languish in 17th places after five straight defeats in the league.
With the Foxes in danger of getting relegated a year after they were crowned champions, the club’s Thai hierarchy acted on Thursday and are now eyeing Roberto Mancini or Guus Hiddink as their new coach