Jamie Vardy scored twice as Arsenal succumbed to their fourth defeat in five league games.
Unai Emery’s side went into the game knowing only a win would maintain a genuine chance of catching Tottenham for third place, but now even securing fourth seems an unlikely achievement.
Arsenal played almost an hour of the contest at the King Power with 10 men after Ainsley Maitland-Niles was sent off for a second bookable offence.
The Gunners could only hold out until the 59th minutes when Youri Tielemans headed in a cross from James Maddison, then Vardy struck late on with a header and a tap-in from close range.
A third successive Premier League defeat now leaves them two points behind fourth-placed Chelsea, who drew 1-1 with Manchester United at Old Trafford in Sunday’s late kick-off.
Emery’s side have a home tie with Brighton to come and a trip to Burnley on the final day of the season.
Gooners, can we still get into the top four? Let us know in the comments…