The 58-year-old has left his post as first-team coach at League One club Huddersfield to take up the position.
Fazackerley has a strong relationship with the new City boss, having worked at Manchester City under Eriksson, who was confirmed as Paulo Sousa's successor on Sunday.
Fazackerley has a wealth of experience and will be looking to assist Eriksson in his bid to improve the Foxes current predicament. He has coached at Newcastle, Blackburn, Bolton and Barnsley and was part of the England set-up under Kevin Keegan.
His latest role came when he became assistant coach to Lee Clark at Huddersfield in December 2008.
Source: PA
Source: PA