Gary Lineker suggested Chelsea Women's coach Emma Hayes to the Leicester board to take over the relegated club at the end of last season.
The former player and long-time Foxes fan maintains strong ties to the club, who fell back down to the Championship for the first time since promotion in 2014.
Leicester sacked Brendan Rodgers after a run of poor results in April, appointing former Aston Villa head coach Dean Smith on an interim basis with the hopes of steering the club to safety.
But Smith was unable to pull off a great escape from the relegation zone, with the Foxes finishing in 18th on just 34 points.