That price is now long gone as the betting public continue to speculate that it could be a dramatic fall from grace for the shock 5000/1 (5001.0) champions next season.
With Jamie Vardy being linked with a £22 million switch to Arsenal this summer bet365 have seen 1500 bets on the Foxes being relegated since the news broke on Friday. Subsequently the price was cut not once but twice, first to 33/1 (34.0) then 25/1 (26.0) by the online firm.
The 29-year-old looks set to decide his future while preparing for Euro 2016 with England over the next few days with reports of a counter offer from the Foxes offering some hope that the prolific front man could turn down the Gunners but that has not stopped the gamble continuing on next season's relegation market.
bet365's Steve Freeth said: “The plunge on Leicester has been relentless since Friday night with 40/1 and 33/1 being gobbled up and our 25/1 is still attracting attention.”
The gamble can only have been aided by speculation about the futures of both Riyad Mahrez and N'Golo Kante who have both been linked with moves away from the King Power Stadium this summer.
Were that to happen, it would leave the Leicester City hierarchy with a tough task to replace arguably their three most impressive players of the faiy-tale campaign albeit their recent scouting exploits have proven to be extremely successful.
Questions were already being raised about how Ranieri's relatively small squad would be able to cope with the rigours of Champions League football as well as the domestic competitions and the latest transfer developments have only served to intensify the interest levels in opposing the Foxes.
Far from backing another incredible season for the East Midlands club but with the futures of several stars seemingly in the balance, punters seem intent on supporting Leicester City to struggle next term.