Same thing for me and this is the second day its done this to me in a row. I have also been experiencing weird lag spikes in game as well that I've never had before, and while I am getting these spikes I have like 20 ping in vent so its not my internet.

Same issues. Here's my situation details.

Op System: Win XP Home Service Pack 3
Hardware: 4 gigs of ram, great nvidia card, Zero (0) Problems running game at best settings for over a year. Handles Skyrim at near max, etc. No stress to the system.
Software: Nvidia card recently updated to latest drivers 5 weeks ago.
Internet Provider: Clearwire Wireless high speed. Zero (0) problems streaming video of HD quality in 1080 resolution. Very reliable.

When disconnects began: As of two days ago. Never had disconnect problems EVER unless it was my IP crapping out due to a service interruption, which is again, an extremely rare thing. Check my account log for games played, hours played, and total disconnects. This all began 2 days ago.

Symptoms: Enter a match fine. Have a web radio station playing in the background, like I always do. Play with about a 62 - 98 total latency, time of day depending. It's very good. Game progresses, then the screen freezes. Web radio is still playing in the background. A small (and brand new!) gray box appears in center screen with a "reconnecting" orange bar.

The gray box with reconnecting bar will continue, in vain, to reconnect to the game. Again, web radio is playing for a looooong time while this is going on - my internet is NOT being interrupted for general use. It's not just the data buffer of the current song expiring.

Game will never reconnect. Must use Cntrl+Alt+Delete to pull up my task list and End League of legends to exit. Meanwhile, .PvP net will remain attempting to connect as a hidden process, which is stalled out in trying to reconnect. It is at this exact moment when I've Ended my League of Legends client from my Processes that my Web Radio goes out, because .PvP net process has jammed my IP data flow entirely.

Will not play game until this is solved, and I am very irate for the number of Drops that are now marked on my account because of the error involved that is on YOUR side, Riot.

Edit - side note: current game client was totally uninstalled and re installed as of 8 days ago or so. The install of the client is fresh and defragged.

since this guy posted situation ill do mine aswell.. who knows might help

windows 7
6G ram 1gig nvidia GT 540M (not the best but hella good for lol XD)
my drivers have been updated like 3 days ago and this LAPTOP runs crysis 2 with 0 heating issues
internet is FINE because i was DuoQed with a freind and he got the same issue at the exact same time we werre in skype.

We both tried just waiting after 5 minutes we ALT f4ed and pressed the reconect button, both of uss got the firewall message. we then pressed retry and then turned off our firewall and retried, nothing even tried reloging.

edit: just loged on my desctop comp and got the same issue so its not the computer.....

Okay well I might as well do this as well soooo here goes.
Windows 7
8 gb Ram
AMD Radeon HD 7770 All drivers are updated as is the game client itself.
I have also tried restarting my computer turning off firewalls reconnecting shutting client on and off and on another computer. And its not the internet either because well obviously I am here and posting.

Edit~ Okay well the reconnect screen finally ended and now the game isn't showing up on my match history. Not exactly sure what happened but I plan on playing normals for a bit before even trying ranked.