Solskjaer believes his team’s lack of spark against Brendan Rodgers’s men at the King Power Stadium was due to their fixture congestion.
Mason Greenwood had canceled out Kelechi Iheanacho’s 24th minute opener but the visitors could not build their momentum as they conceded another goal in the second half through Youri Tielemans.
United were chasing for the equalizer as they conceded another goal from Iheanacho on the 78th minute mark to crash out of the competition.
In interview with the media after the game, Solskjaer could not hide his frustration while insisting his side did not stamp their authority on the game.
"We didn't have the spark,” the Norwegian coach said
“But it's understandable. This team have been fantastic in the last three or four months. We played every three days and been on a great run.
“It just caught up with us, all the games and travels. Thursday night in Milan was a big night and took a lot out of us physically. We didn't have the extra zip, authority and confidence against Leicester.
"We tried to get on the front foot and start well because sometimes you can get that adrenaline boost and confidence if you get a goal and that can carry you over the line.
“We've got too many players that have played too many games and too many that haven't really had much football, Anthony Martial, Donny van de Beek, Paul Pogba and others are trying to get in who haven't had enough football. We didn't have enough against a tough team.