Leicester had looked odds-on for Champions League qualification earlier this season, but, as they did last season, Brendan Rodgers' side have hit a poor run of form during the run-in.
While Leicester seemed all but certain of a top-four finish following last week's 2-1 win at Manchester United, a 2-1 defeat to Chelsea in west London has blown a hole in their plans.
The result leaves Chelsea huge favourites to finish third, while Liverpool leapfrogged Leicester into fourth on goal difference with a 3-0 win at Burnley on Wednesday night.
That result ensures the Reds, Chelsea and Leicester can all still finish third, fourth or fifth heading into the final day of fixtures on Sunday.
Chelsea will be certain of third place of they beat Aston Villa. If Liverpool beat Crystal Palace on the final day, and Leicester beat Spurs, it will come down to goal difference between those two - and Liverpool boast a +4 advantage over the Foxes.
Premier League table | Top four race
Premier League final day fixtures
Leicester: Spurs (23 May)
Chelsea: Aston Villa (23 May)
Liverpool: Crystal Palace (23 May)