The Gunners were looking to end a three-game winless run in the Premier League against their top-six rivals.
Arsenal had squandered a lead in their last four games in all competitions but Pierre-Emerick Aubameyang’s strike was ruled out for offside.
Leicester striker Jamie Vardy broke the deadlock in the 68th minute before James Maddison doubled the home side’s lead seven minutes later.
Arsenal have conceded 17 times in 11 games in the Premier League this term – and the Gunners have only managed to win four times in the top flight so far.
The north London outfit are in sixth place and nine points adrift of Leicester as their top-four hopes begin to fade.
Former Arsenal striker Wright appeared to express his doubts about Emery’s management following their 2-0 defeat at Leicester.
Wright wrote on Twitter: “1 shot on target tonight!! 2 wins in 10 in the league.
“No definitive style or plan. Negative goal difference. No improvement in the defence. Not creating anything. Why would Laca or Auba renew? Can’t blame them! We have to make the tough decision Arsenal! It’s not getting better!”
Arsenal signed six players in the summer transfer window after the Gunners finished in fifth place in the Premier League table last term.
The Gunners haven’t secured a spot in the Champions League in the last three seasons under Arsene Wenger and Emery.
Emery previously managed top European teams such as Paris Saint-Germain, Sevilla and Valencia.
The Spanish head coach replaced Wenger at The Emirates back in May 2018.
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