The following season started with a 5–0 home defeat to newly promoted Bolton Wanderers. Despite pledging to stay at Leicester during pre-season, Izzet handed in a transfer request in autumn of 2001, prior to the club's relegation, but he rejected a move to Middlesbrough as he did not want to be seen to be "jumping ship". He did issue a plea to O'Neill, who was now manager of Scottish Premier League side Celtic, to sign him in May 2002, remarking that "only an idiot wouldn't consider joining Celtic." Following their relegation at the end of the 2001–02 season, Izzet was again strongly touted for a move to Boro. However, Leicester insisted they would not accept a reduced offer from Middlesbrough for Izzet, who was priced at £6 million, and no deal came to fruition. He withdrew his transfer request in March 2003, after the club achieved automatic promotion by finishing in second place. In January 2004, Leicester rejected £500,000 bids from Aston Villa and Blackburn Rovers for Izzet. At the end of the 2003–04 season, Leicester were again relegated. Izzet was Leicester's standout player during the season, assisting on 14 of the club's 48 goals, or 29% of the goals the Foxes scored. Unable to afford Izzet's £30,000 per week wages, the club admitted he was leaving.
