The Foxes sacked Claude Puel after 16 months in charge on Sunday in the wake of a 4-1 Premier League defeat to Crystal Palace, and are now searching for their fourth manager in just over two years.
The Frenchman followed Claudio Ranieri and Craig Shakespeare in being dismissed by the King Power hierarchy, and Cascarino believes the club could now develop a reputation similar to his former club Chelsea for cycling through bosses.
“It never felt like a good fit; a manager tied to a pragmatic style in charge of a squad of players who fit in different systems and some big personalities.
“Leicester need to be clever with their next choice — Brendan Rodgers deserves another shot at the Premier League — as they could become a mid-table Chelsea, always hiring and firing managers.”
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