Milan Mandaric, the Leicester City chairman, has dismissed speculation that he has lined up Billy Davies to replace Ian Holloway.

Leicester have slipped to within two points of the Coca-Cola Championship relegation zone after three successive defeats, which prompted reports Holloway could be out of a job less than three months after he left Plymouth Argyle to take over at the Walkers Stadium.

Mandaric, who celebrated a year as Leicester's owner on Wednesday, has a reputation for quickly getting rid of managers - Holloway being his fourth appointment in his 12 months at the helm.

Davies has been out of work since leaving Derby County in November but Mandaric has pledged his "full support" to Holloway despite the recent run of results.

"This is the time for trust," Mandaric said. "Ian is our manager and has full support from all of us. I am urging supporters not to listen to speculation. We have a good enough team and manager to stay up and start to work and think about the next season."

The reports also came as a surprise to Holloway, and he insisted he is the right man to revive the club's fortunes. "Isn't it amazing? We lose a couple of games and everyone has got Milan swinging the axe," Holloway said. "I suggest they come up with something cleverer than that - I have outlasted everyone else here this season so far.

"We have lost three games in ten days, which after beating Crystal Palace at home was an unbelievable shock. But it is swings and roundabouts. We have scored three good goals in three games which have been disallowed, but that is life and it is all about trying to sort it out.

"Anybody can beat anyone in this division and we have just got to get out of the run we are on at the moment. I am paid to win football matches and that is what we have got to do."