The Argentine, who scored six goals for the club last season in 33 appearances, took to Twitter to vent his feelings over the club's failure to sell him.
"With all respect for LCFC FANS. I feel betrayed by Ranieri and let down by the club. I will not play again for them..." the 30-year-old, who has 18 months of his contract left, wrote.
Leicester's website said Ulloa, who has struggled for first-team opportunities this season, was not available for selection for Tuesday's match at Burnley because of injury.
News that makes sense
Your trusted source for staying up-to-date with the world around you. Get free daily news updates and analysis, straight to your inbox.
In an interview with Sky Sports, however, Ulloa also made it clear he wanted to leave Leicester and was frustrated that the club was not listening to offers from other clubs.
"I am sad about the current situation because it's been two wonderful years here," he said.
"But now in my situation with me not being part of the plans I feel that the best way forward is that I leave and I can be happy somewhere else.
"The manager has been telling me for the last three months that if an offer of four or five million (pounds) was arriving he would help me to leave.
"My understanding is that there are offers bigger than that which are not being considered.
"Today he tells me he wants me to stay. If I stay at the club it's going to effect my future and my career."
British media reported Leicester had rejected a seven million pound ($8.74 million) bid from Sunderland on Monday.
(Reporting by Martyn Herman, editing by Pritha Sarkar)
