
Ulloa, who joined Leicester from Brighton and Hove Albion, scored 20 goals in 101 appearances for the club and helped them win the Premier League title in the 2015-16 campaign.
“Leonardo’s contribution to the club has been a significant one and he will remain a popular figure among players, staff, and supporters alike,” Leicester said in a statement.
Algerian international Slimani struggled to nail down a starting spot since joining from Portuguese side Sporting in 2016 and was loaned to Newcastle United last season.
Fenerbahçe, who were runners-up to Galatasaray in the Turkish Süper Lig last season, kicked off their campaign with a 2-1 win at home to Bursaspor on Saturday.
Leicester, who lost 2-1 to Manchester United in their season opener on Friday, host Wolverhampton Wanderers next weekend.