Cooper, 44, won just four of his 14 games in charge since he was appointed in June.
He took over from Enzo Maresca, now in charge of Chelsea, in the summer after the Italian had led Leicester to the 2023-24 Championship title and promotion back into the Premier League.
Leicester announced on Sunday afternoon: "Leicester City Football Club has parted company with Steve Cooper, who leaves his position as First Team Manager with immediate effect.
"Assistant Manager Alan Tate and First Team Coach and Analyst Steve Rands have also left the Club. Steve, Alan and Steve depart with our thanks for their contribution during their time with the Club and with our best wishes for the future.
"Men’s First Team training will be overseen by First Team Coach Ben Dawson, supported by coaches Danny Alcock and Andy Hughes, as the Club begins the process of appointing a new manager, which we hope to conclude as soon as possible."
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