Cifuentes had been in charge of QPR since October 2023, when he replaced Gareth Ainsworth with the club second bottom of the Championship before the 43-year-old guided them to 18th.
Leicester sacked Van Nistelrooy in June after just six months in charge, the former Manchester United and Real Madrid striker winning just five of his 27 games as the Foxes were relegated from the Premier League last season.
The timing of the decision allows them to include any severance for the Dutchman in next year’s accounts, helping them comply with Profit and Sustainability regulations [PSR] having already axed Van Nistelrooy’s predecessor Steve Cooper in November.
Cifuentes will become Leicester’s sixth manager in just over two years as they prepare for life in the Championship with the prospect of a points deduction after being charged with an alleged PSR breach.
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