JORDAN AYEW broke Ipswich hearts by scoring in the fourth minute of stoppage time.
Kieran McKenna’s side were resolutely hanging on to what would have been their first Premier League win in TWENTY-TWO years.
Leif Davis had superbly volleyed them in front after 55 minute but Kalvin Phillips was sent off with 13 minutes left for a second booking.
And Ayew dealt the hammer blow in the fourth of 10 minutes added on by ref Tim Robinson.
He calmly slotted home after playing a neat one-two with Jamie Vardy.
Portman Road fell silent in disbelief. That is 10 games Ipswich have played since returning to the Premier League and they remain winless.
But victory was the least Kieran McKenna’s side deserved for a commanding performance in this battle of the two automatically promoted clubs.
The red card was a controversial moment as just seconds earlier Conor Chaplin believed he should have had a penalty for being fouled in the box by Leicester’s Abdul Fatawu.
Foxes boss Steve Cooper watched the game from the press box after picking up this third yellow card in the Carabao Cup defeat to Manchester United in the week.
Abdul Fatawu forced Ipswich keeper Arijanet Muric into the first save of the afternoon with a curling 20-yarder.
Chaplin — one of four players to start that were playing for the club in League One — flashed an effort wide.
Facundo Buonanotte went close to opening the scoring for the Foxes when he rode tackles with a strong run before seeing his shot kept out by Muric.
Stephy Mavididi then saw an effort plucked out of the air by the Ipswich keeper.
The Tractor Boys looked a threat going forward and from a corner Dara O’Shea’s fiercely-struck effort was deflected wide by a Wildred Ndidi block.
O’Shea was guilty of an awful miss. He got round the back of the Leicester defence to meet a corner unchallenged but he nodded the ball down and it bounced wide. He should have scored.
Chaplin dragged a shot wide after being teed up by Omari Hutchinson on the edge of the box after Kalvin Phillips started the move by brilliantly stopping a Leicester counter.
And Chaplin again when so close after a brilliant run saw him shoot inches wide from the edge of the box.
Ipswich were on top and a chance opened up for Ben Johnson to open up his shoulders but his effort was kept out by Mads Hermansen.
FOOTBALL FREE BETS AND SIGN UP DEALS
Jamie Vardy and O’Shea got into a tangle and there was a bit of afters between the pair which did not boil over into anything nasty.
Harry Winks went close to levelling for Leicester but Muric superbly palmed his shot away and then the ex-Tottenham fired over the bar.
Then came all the late controversy and a sweet moment for the Foxes.