(CNN) -- Former England manager Sven-Goran Eriksson was sacked by Leicester City Monday with his side in a mid-table position in the Championship.
Eriksson had been at Leicester, who are in the second-flight of English football, for just over a year with mixed results.
The Swede took charge midway through last season with Leicester in a lowly position and they briefly flirted with the playoffs before finishing 10th.
A summer spending spree, backed by the Thai owners Asia Football Investments to the tune of $16 million, was intended to help them push for the English Premier League.
But a dismal 3-0 defeat to struggling Millwall Saturday left them in 13th, albeit only five points behind the second-placed team in a congested league.
"Leicester City Football Club has confirmed today that, by mutual agreement, Sven-Goran Eriksson has ceased to be the first team manager, with immediate effect," read the club statement on its website.
"First team coach Dereck Fazackerley has also left the club.
"The club and its board of directors would like to thank Sven and Derek for the contribution they have made to Leicester City during their 13 months at King Power Stadium."
Eriksson, 63, becomes the second former England boss to depart from a Championship side this season after the sacking of Steve McClaren at Nottingham Forest.
Former Leicester manager Martin O'Neill, who has been out of management since leaving Aston Villa last year, was installed as the early favorite for a return to his old job.
Eriksson has endured a checkered managerial career since leaving his England post in 2006, including spells with Manchester City and the Mexico national team.
He even took charge of lowly Notts County, then in the bottom flight of English football, but left when the owners could not back up their financial promises.