An aircraft belonging to Leicester City chairman Vichai Srivaddhanaprabha came down in a car park shortly after take-off at approximately 8:30pm local time, around an hour after Claude Puel's side claimed a 1-1 draw against West Ham United in the Premier League.
It is unclear at this stage whether there are any survivors but unconfirmed reports have claimed Srivaddhanaprabha and four other people were on board the helicopter.
Leicester fans have gathered at the stadium, where there is a growing floral tribute to the club's popular owner, to pay their respects.
Leicestershire Police indicated a detailed statement will be released when it is appropriate to give more information about the incident.
"We understand there is a considerable amount of public and media interest into the helicopter crash outside the King Power Stadium last night," the statement read.
"News of the crash, which happened in a car park near the stadium just after 8.30pm, has had an impact on many people and we appreciate there is a clear desire for updates and clarity around the circumstances.
"Leicestershire Police, East Midlands Ambulance Service and Leicestershire Fire and Rescue Service all responded to the incident last night and enquiries continue at the scene today (Sunday 28 October), led by the Air Accidents Investigation Branch. These enquiries are expected to continue over the coming days.
"As soon as we are able to confirm any further details around the incident, we will do so.
"In the interim we ask that you are patient, understanding and resist speculating on the detail and the circumstances."
Speaking to Radio France, in quotes reported on the Franceinfo website, Leicester manager Puel described the crash as "a tragedy for the club".
"I think very strongly about the victims and their families," Puel said, confirming his safety. "I wanted to reassure everyone who cares about me, I'm terribly sad but I'm fine."