The reigning Premier League champions were dumped out of the cup thanks to a last-minute Millwall winner, and Ranieri faced criticism for making 10 changes.
Whether the Italian dropped the likes of Jamie Vardy and Riyad Mahrez after their subdued performance versus Swansea, or they were rested for the upcoming Champions League clash with Sevilla, is unknown.
Ranieri was cut into 10/11 favouritism last week following that loss in Wales, and those odds have now been cut again.
Safe to say Leicester hero Gary Lineker wasn’t impressed if it was the latter…
Congratulations to Millwall. This reserve team stuff though in the 5th round of the FA Cup is utter bollocks. 4 days until Champions League.
— Gary Lineker (@GaryLineker) February 18, 2017
Middlesbrough boss Aitor Karanka is second favourite at 7/2, and the Teesside boss will be breathing a sigh of relief after just edging Oxford United in the FA Cup this weekend.
And third in the market is Arsene Wenger at 7s, although those odds will surely tumble should the Gunners suffer a shock cup loss at Sutton United on Monday night.
All Odds and Markets are correct as of the date of publishing