However, Heskey also insists Ruud van Nistelrooy should remain as manager ahead of their return to the Championship.
He told Tribalfootball.com: “I think Leicester will keep Ruud van Nistelrooy for next season and see if he can rebuild the club. Leicester are going to be in trouble with PSR again, I imagine, so I don’t think sacking the manager will be an option even if they were looking to move on.
“Ruud plays a similar style of football to Enzo Maresca, which worked in the Championship, so there is definitely potential for Leicester to be good next year and push for promotion with their possession-based style.
"We will just have to wait to see how things pan out for them, and I hope they don’t get deducted any points.”
Why let Vardy leave?
Meanwhile, Heskey admits he was surprised over the decision to allow Jamie Vardy to leave the club. The Foxes legend, 38, intends to play on next season - though it won't be at the King Power stadium.
Heskey continued: "Jamie Vardy leaving Leicester came as a huge surprise to me. I was surprised the club didn’t seem to have the option for another year, as I’m sure they would have loved to have him in the Championship.
"Similarly to (Virgil) van Dijk at Liverpool, Vardy’s experience could have been valuable to the squad next year. I suppose everything has to come to an end, and it was Vardy’s time to leave Leicester."
And on that call for a massive clearout, Heskey insisted: “Leicester are in transition, and the whole club now needs gutting, in my opinion. I’m talking about 80 or 90% of the players need to move on, and the club needs a full overhaul.
"They have the advantage of some young talent coming through, which will help the process, but most of the first team just aren’t anywhere near good enough.”
- Emile Heskey was speaking to Tribalfootball.com on behalf of Best New Bingo Sites