Rodgers led Leicester to a spot in Europe along with success in the FA Cup last season, but the current campaign has seen the Foxes slump badly and they were knocked out of the FA Cup by Championship side Nottingham Forest at the weekend.
The Leicester boss is coming under pressure, with his side sitting well adrift of the top four in the Premier League.
Keys thinks that Leicester punched above their weight with Rodgers last season and the club are not equipped to mount a serious challenge for Champions League football.
The former Sky Sports anchor insists that Leicester would not get a better manager than Rodgers and need to lower their expectations to make sensible decisions.
Keys wrote on his blog: “What happens next at Leicester is going to be interesting.
“What a turn-around in fortunes for Brendan Rodgers. Early in the season he was being linked with all the big jobs – now there’s talk of him getting sacked.
“Leicester should be careful. Rodgers is as good as they’ll ever get. He’s had them punching well beyond their weight.
“The title win will never happen again. Rodgers delivered the perfect season last time round – a trophy and Europe.
“Either/or should be their target. Both was a bonus.
“They’re not equipped to mount a serious top four challenge and the sooner they lower expectation the more likely it is that they’ll make sensible decisions.
“Sacking Rodgers now would be madness.”
Leicester, who sit tenth in the Premier League standings at present, are next in action away at Rodgers’ former club Liverpool on Thursday evening.
