Despite leading the Foxes to the Premier League title last season, Ranieri was dismissed on Thursday with the club battling to stay in the top flight.
Reports in the British media claim Leicester's players had met with Leicester's owners to discuss their grievances with Ranieri's methods.
And the outspoken Mihajlovic suggested an unusual punishment for the Foxes stars if the rumours are true.
"It's just incredible, they ought to be forced to play without a coach at all. [We will] see how they like it."
And Mihajlovic blasted the lack of gratitude in football as he called for Leicester to honour Ranieri with a statue.
"Unfortunately even in England they are taking on bad Italian habits," he added. "There is no gratitude or recognition in football.
"I consider Claudio a friend and a great coach. They ought to build a statue in his honour."