His aircraft 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 with the deepest regret and a collective broken heart that we confirm our chairman, Vichai Srivaddhanaprabha, was among those to have tragically lost their lives on Saturday evening [Sunday ADT] when a helicopter carrying him and four other people crashed outside King Power Stadium," a club statement read.
"None of the five people on-board survived.
"The primary thoughts of everyone at the Club are with the Srivaddhanaprabha family and the families of all those on-board at this time of unspeakable loss."
Srivaddhanaprabha was an incredibly popular figure at Leicester City having turned the club fortunes around to the point where it was able to win the Premier League title in 2015/2016 against odds of 5000-1.
The other four fatalities from the crash have not been named at this time.
"In Khun Vichai, the world has lost a great man — a man of kindness, of generosity and a man whose life was defined by the love he devoted to his family and those he so successfully led," the statement continued.
"Leicester City was a family under his leadership. It is as a family that we will grieve his passing and maintain the pursuit of a vision for the club that is now his legacy.
The club also announced that a book of condolence, which will be shared with the Srivaddhanaprabha family, will be opened at King Power Stadium for supporters wishing to pay their respects, with an online version also available for supporters unable to visit King Power Stadium.
Wednesday's (AEDT) fixture against Southampton in the Carabao Cup and the Leicester's development squad fixture against Feyenoord in the Premier League International Cup have been postponed in the wake of the news.
"Everyone at the club has been truly touched by the remarkable response of the football family, whose thoughtful messages of support and solidarity have been deeply appreciated at this difficult time," the statement closed.