A 3-0 home defeat by Millwall proved the final straw as the Foxes fell to 13th in the Championship - albeit just three points off a play-off place.
Eriksson, 63, held a crisis meetingwith senior players to discuss the result, telling them he was lucky to still be in his job. Hours later, he had lost it.
But Eriksson is adamant he is far from finished, saying: "I would not think about retirement at all. One day, maybe, I will wake up and think, 'Enough'! But I don't feel like that now.
"It is not about money for me. If I didn't have football, I don't know what I would do. I am not a gozlfer and to have a holiday for more than a couple of weeks, I don't like it."
I would not think about retirement at all
Sven Goran Eriksson
Martin O'Neill won two League Cups as Leicester boss from 1995-2000 and has been installed as the favourite to succeed Eriksson. O'Neill is said to be ready to come back into football and with the backing of the Thais could be interested. Meanwhile Jon Rudkin and Mike Stowell will share management duties.
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