Claudio Ranieri: Leicester City manager's contract allows him to buy himself out for a small sum

The Foxes are keen to reopen neogtiation with the 64-year-old Italian and remove the termination clause

Claudio Ranieri celebrates a win with Leicester City's Christian Fuchs (Getty)

Claudio Ranieri’s Leicester City contract contains a clause which allows him or the club to terminate the deal for a small sum.

Leicester’s owners inserted the clause, the existence of which was revealed by The Times, in order to provide ‘an easy get-out’ in case the former Chelsea and Valencia manager struggled to retain the Foxes’ top flight status.

The clause, however, can also be activated by Ranieri, who could pay a modest amount to relieve himself of his duties at the King Power and move to a bigger club.

The Foxes, now on the verge of the first top-flight title in the club’s 133-year history, are keen to reopen negotiations with the 64-year-old coach and remove the clause.

Ranieri is set to be offered an increase on his £1.5million-per-year, The Times reports, and backroom staff members Steve Walsh and Craig Shakespeare will also be handed improved terms.

Before arriving at the King Power, Ranieri had most recently overseen Greece’s disappointing European Championships qualification campaign and had not managed in the Premier League for 11 years.

The Italian’s reputation has been restored in this country by the unlikely title challenge and, although always highly thought-of on the continent, Ranieri’s name has once again been linked with top European jobs.

Leicester's manager has been mooted as a replacement for Antonio Conte, who announced his decision to step down as Italy coach after this summer’s European Championships in France yesterday.

He is, however, believed to be happy at the Midlands club and concentrating on the remaining eight Premier League matches which will decide the league championship.