The BT pundit began his career with the Foxes and has always been a fan of his local club.
He presented Match of the Day in his underpants after saying it was impossible for Leicester to win the title and now he feels people are already in danger of forgetting just how remarkable that achievement was.
“I would give Claudio a job for life, but this is football,” said Lineker.
Gary Lineker would give Claudio Ranieri a job for life at Leicester
Claudio Ranieri is dividing fans over whether he should face the sack at Leicester
“Even if they went down, it would leave a bad taste in the mouth if he was sacked after everything he did for the club last season and the way he handled everything. I would find it terribly sad.”
Nevertheless, a fifth successive defeat at Swansea in the Premier League on Sunday has left Leicester just one point above the relegation zone.
The club’s owners recently delivered a dreaded vote of confidence but Lineker believes that was aimed at the players, not Ranieri himself.
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“That was sending a message to one or two players who feel a bit aggrieved,” he said. “There are rumours about player unrest – you always get that when you are not winning and certain players are not in the team. That’s how footballers are.
“It sends a message to the team: ‘This is our man, now get on with it’. I don’t think that statement does any harm, as long as they mean it.”