Srivaddhanaprabha was on board his helicopter when it crashed outside the King Power Stadium, according to a source close to the club.
He was one of five people on board along with two pilots and his daughter, Voramas, known as Rux.
The identity of the fifth person is not immediately known. It is unclear whether there are any survivors.
Thai billionaire Srivaddhanaprabha had watched the Foxes come from a goal down to draw 1-1 against West Ham
in the Premier League in Saturday's late kick-off.
He is regularly picked up from the stadium by his chopper, which lands on the centre circle before taking off after the full-time whistle.
However, disaster struck when a problem with the aircraft sent it into a tail spin after reaching a height of approximately 200 feet.
It slammed into the concrete in a club car park and was soon engulfed in a ball of fire.
Aiyawatt Srivaddhanaprabha, Vichai's son and fellow Leicester City director, was not at the game and not on board the helicopter, it has been confirmed.
Leicester are yet to make a statement on Sunday, but did release a brief update on Saturday night.
A club spokesman said: “We are assisting Leicestershire Police and the Emergency Services in dealing with a major incident at King Power Stadium.
"The Club will issue a more detailed statement once further information has been established.”
Former Leicester goalkeeper and England legend Peter Shilton witnessed the crash.
His wife Stephanie, 50, said: "We are both in shock on our way home. It happened straight in front of us as we were leaving the ground.
"We don't know what has happened. It's horrendous. We need to know if everyone is OK. That's the biggest thing. We just hope that everyone got out OK."
One of the security workers at the stadium said: “The helicopter set off and just came straight back down.