The Foxes dropped into the relegation zone after conceding late to lose 2-1 at Crystal Palace on Saturday, which extended their winless run to six games.
Rodgers, who recently celebrated four years in charge at the King Power, delivered two top-five finishes in the Premier League and the club's first ever FA Cup win in 2021, but leaves by mutual consent.
In a club statement, chairman Aiyawatt Srivaddhanaprabha said: "Performances and results during the current season have been below our shared expectations.
"It had been our belief that continuity and stability would be key to correcting our course, particularly given our previous achievements under Brendan's management.
"Regrettably, the desired improvement has not been forthcoming and, with 10 games of the season remaining, the board is compelled to take alternative action to protect our Premier League status."
First team coaches Adam Sadler and Mike Stowell have been put in temporary charge.
