The Foxes announced the news via their official Twitter account on Monday afternoon and the Italian will replace Nigel Pearson, who was sacked late last month, at the helm at the King Power Stadium.
— Leicester City (@OfficialFOXES) July 13, 2015
Ranieri has not managed in the Premier League since losing his job as Blues boss at the end of the 2003-04 season despite leading the club to a top-four finish and the semi-finals of the Champions League.
During his tenure at Stamford Bridge, he was labelled as ‘The Tinkerman’ because of his apparent love of making changes to his starting XI.
Since leaving the West London outfit he has managed a host of top European clubs including Juventus, Inter Milan and Valencia, whilst his most recent post was as manager of the Greece national team.
He certainly has a tough act to follow in Pearson, but the Premier League can look forward to fireworks from Ranieri.