Leicester are winless in the Premier League after seven games, with their only point coming in the season opener at home to Brentford.
The Foxes have lost all six of their games since their curtain raiser, conceding eleven goals in their last two league matches away from the King Power Stadium.
Souness was quick to credit Leicester for the progress they have made in recent times but pointed out that they have given a poorer account of themselves thus far this campaign.
The Liverpool legend feels that given the quality at his disposal, the fact that his charges have been seriously underperforming is something Rodgers must take responsibility for.
Souness also added that after the Foxes’ exploits so far, he feels that Rodgers does not have enough money or goodwill in the bank with the club hierarchy to get out of his pickle.
“Although in recent history Leicester City have been a fabulous football club, they’ve dropped off the pace considerably, in terms of the quality they now have”, Souness said on talkSPORT.
“In saying that, they are a far better group of players than they’re showing right now and ultimately that’s down to the manager.
“You’re given a group of players to work with, you spend a few years there and then you add to it. It then becomes your team.
“But this team are underperforming and it’s Brendan’s job to get the best out of this group of players and you have to see that’s not happening so I think he’s at real risk.
“And when you go away and lose 6-2, six consecutive games in the Premier League today, I don’t think there’s enough money or goodwill in the bank to get him out of that.”
Up next for Leicester is a visit from newly promoted Nottingham Forest, who are currently situated in 19th place in the league table, three points ahead of the Foxes.
