Watford's woes deepened on Wednesday as the club announced that manager Walter Mazzarri will leave after Sunday's final game of the season at home to Manchester City.
Watford can not be relegated, but has lost its last five games to drop to 16th place in the 20-team league.
The 39-year-old has won praise for his impact at the club since replacing Mike Phelan in January, although he was unsuccessful in his efforts to steer them away from relegation from the Premier League.
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Italian Ranieri was sacked by Leicester in February just nine months after he guided the Foxes to the Premier League title.
Mazzarri's spell has not seemingly put off the club from hiring another Italian, with former Inter Milan boss Stefano Pioli and former Leicester City manager Claudio Ranieri being linked with the Vicarage Road job this summer.
It is believed that Mazzarri and Watford's top scorer Troy Deeney never saw eye-to-eye during their time together and it even resulted in Deeney being benched on a regular basis over the course of the season.
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Since the Pozzo family from Italy bought the club in 2012, Watford has had a vast turnover of players many on loan and hired seven managers.
However, the Hornets are 16th in the Premier League, and have faded in the tail end of the season, losing their past five games on the bounce, despite a spirited fight in their  4-3 defeat to champions Chelsea on Monday evening.
Watford took the decision following a meeting with Mazzarri to discuss "the club's future goals and aspirations", chairman Scott Duxbury said in a short statement on Watford's website.
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Walter Mazzarri has fired a parting shot at Watford ahead of his impending exit, saying they could not match the ambition or mentality of his previous clubs.