A cagey first half with little in the way of goalmouth action was followed my a much entertaining second that began promisingly for Spurs.
Stephen Clemence was fouled on the edge of the area and Sheringham made no mistake from the spot, but Leicester rallied gallantly and levelled on the hour through Paul Dickov. Young striker Matthew Piper ensured there would be no poopers at the Filbert Street party.
The starting line-up was unchanged from the team that won so well against Liverpool two weeks ago, the only change being on the bench where Sergei Rebrov replaced Johnnie Jackson.
There was a real carnival atmosphere around Filbert Street as there appeared to be a collective determination among the fans that, although relegated, they were going to give the old venue a good send off.
The first chance of the game came on four minutes when good attacking interchange between Davies, Sheringham and Poyet teed up Clemence for a shot on goal. The midfielder, who recently scored two goals in three reserve games, fired in a powerful effort that was not far wide.
Poyet then furraged a route through into the penalty area, but drifted wide and was unable to test Ian Walker from an angle. A minute later Rogers fed Izzet who performed a neat sidestep to create a yard of space, but Gardner cooly stepped in to intercept the Turkish international's run.
Confusion in the Leicester area nearly provided an opening for Poyet on 14 minutes. A poor looking ball from the right by Anderton was not dealt with and Sheringham and Iversen combined to set up Poyet whose shot was deflected wide.
A short period of Leicester pressure followed, but nothing that caused former Fox Kasey Keller into meaningful action. At the other end, a Thatcher effort was high and wide, while a looping Sheringham header had Walker back peddling but dropped over the bar.
Seven minutes before the break Dickov found him self in space down the Spurs right and attempted to curl into the top corner but did not succeed.
Right on the break a superb move nearly broke the deadlock. Anderton played a defence splitting ball down the left of the Leicester area that found Sheringham in a crossing position. His flighted ball very nearly found Iversen in front of goal but Leicester scrambled clear.
Three minutes into the second period Leicester came closest to opening the scoring. Taricco was dispossessed by Dickov and the Scot squared the ball to Izzet on the edge of the area who fired just wide of Keller's right hand post.
Sheringham forced Walker into a spectacular fingertip save on 51 minutes and from the next passage of play following the corner, Clemence was tripped on the right edge of the area and referee David Elleray pointed to the spot.
Faced by his former team-mate, Sheringham was not distracted and blasted the ball to Walker's right to make it 1-0 to Spurs.
Keller then showed good hands to deny a powerful drive by Dickov on 56 minutes. But three minutes later Leicester levelled.
Marshall embarked on a mazy run into the area and was well blocked by Perry. However, the ball fell to the on-rushing Dickov who blasted past Keller to spark wild celebrations from the Filbert Street faithful.
Spurs responded positively and a Davies piledriver flew inches over the bar.
After a period of sustained pressure resulting from the boost of levelling the game, Leicester cranked up the party and took the lead on 70 minutes.
A long throw from Rogers on the left was flicked on by Elliott at the near post and was met with some force by Piper, who steered his header beyond Keller.
Matthew Etherington, who was preparing to enter play before the goal, came on in place of Davies and was followed shortly after by Gary Doherty who replaced Clemence.
Etherington was looking lively, but it was Keller who was forced to make the next save. From all of 30 yards, Marshall spun and volleyed in a shot that had Kasey scampering across goal to retrieve.
With a groundswell of support rallying behind them, Leicester looked unlikely to surrender the lead and, playing on the break, occasionally looked like adding to it.
Muzzy Izzet departed to a heroes welcome and admitted beforehand that this would be his final game - Leicester secured the final score they were looking for.
Two goals in ten minutes for Leicester cancelled out Teddy Sheringham's opener for Spurs as the Foxes said goodbye to Filbert Street and the Premiership with a win.