Former Premier League champions Leicester have been put up for sale by the club's Thai owners, according to reports on Thursday.

Leicester City in crisis! (Action Images)

Just 10 years after their fairytale Premier League title triumph, Leicester will play in English football's third tier for only the second time in their history this season.

The Foxes, who won their first FA Cup in 2021, have endured a dire period featuring successive relegations from the Premier League in 2025 and the Championship in 2026.

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Last season, they were docked six points after breaching the Football League's profit and sustainability rules, sparking their slump into League One.

A BBC report on Thursday said Leicester's Thai owners King Power -- run by the Srivaddhanaprabha family -- have commissioned a leading US investment bank to help find a buyer, with the club's assets said to be listed at more than £200 million ($269 million).

King Power bought Leicester in a £35 million deal in 2010.

Aiyawatt Srivaddhanaprabha took over as Leicester chairman following the death of his father Vichai in a helicopter crash outside the club's King Power stadium in 2019.

Following last season's relegation, Aiyawatt said he should shoulder the "blame" for the club's predicament but also stressed the "structure will change".

Russell Martin's side kick off their promotion bid with a trip to Notts County on Saturday.