| Club: | Leicester City |
| Season: | 1986–87 |
| Manager: | Bryan Hamilton |
| Chairman: | Terry Shipman |
| League: | First Division |
| League Result: | 20th (relegated) |
| Cup1: | FA Cup |
| Cup1 Result: | Third round |
| Cup2: | League Cup |
| Cup2 Result: | Third round |
| League Topscorer: | Alan Smith (17) |
| Season Topscorer: | Smith (20) |
| Average Attendance: | 11,697 |
| Prevseason: | 1985–86 |
| Nextseason: | 1987–88 |
During the 1986–87 English football season, Leicester City F.C. competed in the Football League First Division.
In 1986–87 season, former Wigan Athletic boss Bryan Hamilton replaced Gordon Milne as team manager of the Foxes but it proved to be another season of struggle and in March, Alan Smith was sold to Arsenal for £800,000 even though he was loaned back to Leicester until the end of the season and Steve Lynex was sold to West Brom leaving Leicester’s strike force a bit weakened. Leicester brought in youngsters and loan-spell trialists but they did little to prevent the Foxes from relegation to the Second Division after 4 years in the top flight.
Leicester City's score comes first[1]
| Win | Draw | Loss |
| Date | Opponent | Venue | Result | Attendance | Scorers | |
|---|---|---|---|---|---|---|
| 23 August 1986 | Luton Town | H | 1–1 | 9,801 | Smith | |
| 30 August 1986 | Wimbledon | A | 0–1 | 5,987 | ||
| 3 September 1986 | Liverpool | H | 2–1 | 16,344 | McAllister, Osman | |
| 6 September 1986 | Manchester United | H | 1–1 | 16,785 | Kelly | |
| 13 September 1986 | Sheffield Wednesday | A | 2–2 | 21,603 | McAllister, Moran | |
| 17 September 1986 | Norwich City | A | 1–2 | 14,814 | Smith | |
| 20 September 1986 | Tottenham Hotspur | H | 1–2 | 13,141 | Morgan | |
| 27 September 1986 | Queens Park Rangers | A | 1–0 | 10,021 | Smith | |
| 4 October 1986 | Manchester City | A | 2–1 | 18,033 | Sealy, Smith | |
| 11 October 1986 | Nottingham Forest | H | 2–1 | 18,402 | Smith, McAllister (2, 1 pen) | |
| 18 October 1986 | Charlton Athletic | A | 0–2 | 5,770 | ||
| 25 October 1986 | Southampton | H | 2–3 | 9,186 | Osman, McAllister | |
| 1 November 1986 | Aston Villa | A | 0–2 | 14,529 | ||
| 8 November 1986 | Newcastle United | H | 1–1 | 9,836 | Smith | |
| 15 November 1986 | Everton | H | 0–2 | 13,450 | ||
| 22 November 1986 | Watford | A | 1–5 | 13,605 | Smith | |
| 29 November 1986 | Chelsea | H | 2–2 | 10,047 | McAllister (pen), O'Neill | |
| 6 December 1986 | Coventry City | A | 0–1 | 12,320 | ||
| 14 December 1986 | Oxford United | H | 2–0 | 8,480 | Smith, Wilson | |
| 20 December 1986 | Manchester United | A | 0–2 | 34,180 | ||
| 26 December 1986 | Arsenal | H | 1–1 | 19,205 | Moran | |
| 28 December 1986 | Everton | A | 1–5 | 39,730 | Moran | |
| 1 January 1987 | West Ham United | A | 1–4 | 16,625 | Moran | |
| 3 January 1987 | Sheffield Wednesday | H | 6–1 | 10,851 | Ramsey, Smith (2), Moran (3) | |
| 24 January 1987 | Luton Town | A | 0–1 | 9,102 | ||
| 7 February 1987 | Wimbledon | H | 3–1 | 8,369 | Smith, Ramsey (2) | |
| 14 February 1987 | Liverpool | A | 3–4 | 34,259 | Smith (2), Johnston (own goal) | |
| 21 February 1987 | Norwich City | H | 0–2 | 8,742 | ||
| 25 February 1987 | Tottenham Hotspur | A | 0–5 | 16,038 | ||
| 7 March 1987 | Southampton | A | 0–4 | 11,611 | ||
| 14 March 1987 | Charlton Athletic | H | 1–0 | 8,159 | Smith | |
| 22 March 1987 | Nottingham Forest | A | 1–2 | 18,679 | Mauchlen | |
| 25 March 1987 | Queens Park Rangers | H | 4–1 | 7,384 | McAllister (2, 1 pen), Ramsey, McDonald (own goal) | |
| 28 March 1987 | Manchester City | H | 4–0 | 10,743 | Morgan, Smith, McAllister, Ramsey | |
| 4 April 1987 | Newcastle United | A | 0–2 | 23,360 | ||
| 11 April 1987 | Aston Villa | H | 1–1 | 11,933 | Moran | |
| 18 April 1987 | West Ham United | H | 2–0 | 10,434 | Smith, O'Neill | |
| 20 April 1987 | Arsenal | A | 1–4 | 18,767 | Osman | |
| 25 April 1987 | Watford | H | 1–2 | 9,448 | Moran | |
| 2 May 1987 | Chelsea | A | 1–3 | 11,975 | Smith | |
| 4 May 1987 | Coventry City | H | 1–1 | 14,903 | Ramsey | |
| 9 May 1987 | Oxford United | A | 0–0 | 10,183 |
See main article: 1986–87 FA Cup.
| R3 | 10 January 1987 | Queens Park Rangers | A | 2–5 | 9,684 | Smith, McAllister (pen) |
See main article: 1986–87 Football League Cup.
| R2 First Leg | 23 September 1986 | Swansea City | A | 2–0 | 9,590 | McAllister, Smith | |
| R2 Second Leg | 8 October 1986 | Swansea City | H | 4–2 | 5,884 | Morgan, Smith, Moran (2) | |
| R3 | 29 October 1986 | Liverpool | A | 1–4 | 20,248 | Moran |