Cifuentes’ exit means Leicester are now looking for their sixth permanent boss since FA Cup-winning Foxes manager Brendan Rodgers was sacked in April 2023.
Inconsistent results have defined Cifuentes’ time in charge at the King Power Stadium.
They have strung together back-to-back wins in the league only twice this campaign, while their longest unbeaten run was an eight-game sequence between late August and mid-October that included five draws.
Leicester are 13 places and 31 points worse off than Enzo Maresca’s Championship title-winning side at the same stage of the 2023-24 season.
“I believe this is the right step at this time to improve performances and results, and to act in the best interests of Leicester City Football Club,” added chairman Srivaddhanaprabha.
“Marti leaves with our thanks and our best wishes for the future.”
Leicester say first team coach Andy King will take charge on an interim basis, pending the appointment of a permanent replacement.
The Foxes’ next Championship fixture is at home to Charlton Athletic on Saturday.
