The club, whose shares were suspended on October 10, has been hit hard by its relegation from the Premier League last season and has been unable to control its spiralling player wage costs.
A club statement read: "The company and its directors announce that a unanimous decision has been made to petition the High Court for Leicester City Plc and its wholly-owned subsidiaries Leicester City Football Club Plc and Leicester Developments Limited to be placed in administration.
"Unfortunately, immediate creditor pressure and the inability to reach agreement with all major creditors have meant that a restructuring outside administration has not been possible despite the best efforts of the directors.
"The directors believe that administration should give the club sufficient protection to enable the restructuring which they have endeavoured to conclude over the last three months to be concluded."
Leicester City is the second club in recent weeks to file for administration after Barnsley went down a similar path last month.
Troubled English First Division soccer club Leicester City has been placed into administration.
