Leicester have released Simon Lambert and signed Linus Eklof as a replacement in a loan deal from King's Lynn.
Swede, who started the season with Belle Vue in the Elite League, is set to make his Lions debut on Sunday in the Knockout Cup against Workington.
Manager Glyn Taylor said: "It was not an easy decision. It has been a difficult recent period for Simon who always gives full commitment.
"But the points have not flowed as much as we - or he - would have liked."
Taylor added: "Riding at number two in the team like Simon has done all season is possibly the hardest position for someone to cope with. We will do all we can to get Simon fixed up with another club."
The Lions are also still assessing the rider market with reserve Simon Nielsen on the injured list.