Martin O'Neill had admitted that he was interested in the Leicester City job following Brendan Rodgers' sacking earlier this month.
The former Republic of Ireland manager won two league cup titles and reached another final in a glittering five-year spell with the Foxes between 1995-2000.
He went on to have successful spells at Celtic and Aston Villa before taking over as Ireland boss in 2013. He left that role five years later and spent a short period with Nottingham Forrest in 2019.