At the weekend it looked like Nigel Pearson had become the third Premier League manager to be sacked this season when reports circulated that the 51-year-old had been relieved of his duties.
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While the club later insisted that he remains in charge with the backing of the board, last night's 2-1 defeat to Arsenal at the Emirates leaves the Foxes rooted to the foot of the table.
The good news for Pearson is that he still seems to have the dressing room, with the players fighting hard throughout their clash with the Gunners as they tried to turn the match around.
Arsenal manager Arsene Wenger and midfielder Aaron Ramsey both expressed their surprise at Leicester's position in the table given their performance at the Emirates last night.
On another positive note, record signing Andrej Kramaric scored his first goal for the club against the Gunners, while Robert Huth and Matthew Upson provided a solid defensive partnership on their debuts for the club.
Meanwhile, first-choice goalkeeper Kasper Schmeichel, who had been in good form at the start of the season, is nearing a return from a foot injury, which Pearson will be optimistic will boost his side.
Premier League chairmen do seem to be taking a more patient approach to their managers this season, with just two firings having taken place so far this season.
In fact, all of the sides currently in the relegation zone still have the same manager that they started the campaign with.
However, Pearson's temper has gotten the better of him at times this season, with the manager receiving an FA charge for arguing with a fan, while avoiding another after grabbing Crystal Palace's James McArthur by the throat at the weekend.
Talk of Pearson's sacking on Sunday came just over 24 hours after that McArthur incident, while a similar incident between then-Newcastle United manager Alan Pardew and Hull City's David Meyler last season had also led to calls for a dismissal.
The reporting of the former defender's dismissal followed by his continued employment at the club is not dissimilar to Brian McDermott's firing and re-hiring and Leeds United last season, where he found himself out of a job in January before actually seeing out the season with the Championship side.
This is Pearson's second stint in charge at the club, as he left for a brief spell with Hull City in 2010 before being persuaded to return the following year, and in both of his spells at the King Power Stadium Pearson has been relatively successful, winning just under half of his 275 matches in charge, and losing one in three.
The speed at which Martin O'Neill was linked to the "vacancy" at the King Power Stadium may be a concern for Pearson, but the club's appointment of Jon Rudkin as their new director of football yesterday could indicate that the board will give the manager more time, as Pearson and Rudkin worked together during the recent transfer window.
Pearson has insisted that he has the backing of the owners following last night's defeat, and the owners' insistence that he remains in charge suggests that a change is not imminent at Leicester.
However, with four defeats in a row in the league, and tricky matches against Manchester City, Tottenham Hotspur and a potential six-pointer against Hull City coming up next month, things could change quickly for Pearson in the coming weeks.
