When David Ngog converted a penalty with just two minutes on the clock, The Foxes Faithful could have been forgiven for thinking their season was all but over.
However, an impressive fight back against an in-form Bolton side has seen City reclaim a play-off place heading into their final three season-defining fixtures.
David Ngog's penalty was the second conceded by Leicester in less than five minutes of action on the King Power pitch, following the last minute heartbreak suffered against Birmingham City on Friday night.
Leicester's luck seemed to take a turn for the better though when, on 40 minutes they were awarded a penalty of their own after some good work from Lloyd Dyer. Chris Wood stepped up and calmly converted the spot kick and the shift in momentum began.
Just two minutes later, Wood's renewed confidence was clear for all to see. Picking up the ball out wide, the New Zealand striker controlled the ball before picking out Lloyd Dyer, who finished with aplomb to turn the match on its head.
The second half started just as frantically with both sides pushing for another goal.
Unfortunately, the Foxes' defensive frailties, which have been at the root of their winless streak of late, reared its ugly head once again on 70 minutes. Pratley was the first to react to a Rickett's cross and was able to put the ball past Schmeichel to level the scores. In doing so, the midfielder forced his Bolton side back into the play-off picture.
However, the Foxes refused to roll over and showed the winning attitude that had served them so well earlier in the campaign. When Jeffrey Schlupp powered home his second goal in as many games with just ten minutes left to play, the King Power Stadium erupted.
That goal ensured a nervy finish for the Foxes Faithful, but the team held on superbly; thanks in no small part to some excellent saves by Kasper Schmeichel.
At the final whistle, news of losses for both Nottingham Forest and Crystal Palace was gratefully received around the King Power Stadium. In fact, of the Championship's top eight teams, only the Foxes took all three points last night.
And so, with just Crystal Palace, Watford and Nottingham Forest standing between the Foxes and a play-off place, Nigel Pearson's men have every reason to believe they can now go on a winning run that will send them flying back to the Premier League.