The incident occurred shortly after the Foxes' 1-1 draw with West Ham United in the Premier League.
Srivaddhanaprabha's helicopter left the ground as usual from the centre of the pitch at about 8:30pm local time, but it is thought it swiftly came down in the car park.
It is unknown if he was onboard.
BBC football commentator Ian Stringer said the helicopter was "spiralling". He heard eyewitnesses say it "came down like a stone".
"I've seen the backroom staff of the first team in tears, the reception area is silent with people just crying," Stringer reported.
Sky Sports News reporter Rob Dorsett said the helicopter took off from the pitch, as it does after every game.
He said that after a few seconds it appeared to lose control and crashed into the car park just a few hundred metres away.
Leicestershire Police confirmed the incident via Twitter.
Horrific images reportedly of the crash quickly followed across social media, showing the helicopter engulfed by a huge fireball.
Srivaddhanaprabha bought Leicester in August 2010 and was named chairman in February 2011. The Thai businessman oversaw Leicester's remarkable Premier League triumph in 2016.