A source close to the family has told the BBC that Mr Srivaddhnaprabha was on board the aircraft and flowers have been laid at the scene overnight.
Videos posted on social media show emergency services personnel rushing towards the wreckage, which was engulfed in flames.
It is not known who was also onboard with the billionaire, who has been chairman of the club since 2010.
Television footage from BT Sport – broadcasting live at the game against West Ham had earlier shown the helicopter, believed to be an Agusta AW169, about to take off from the pitch.
East Midlands Ambulance Service said it was called at 8.38pm, and sent a doctor, two paramedics in ambulance cars, a crewed ambulance and its Hazardous Area Response Team. The first resource arrived within two minutes of the call.
Aiyawatt Srivaddhanaprabha, Leicester’s vice-chairman and Srivaddhanaprabha’s son, was not at the game and is not thought to have been involved.
It is also not clear whether anyone on the ground was affected.
The 60-year-old Vichai Srivaddhnaprabha was born Vichai Raksriaksorn in Bangkok on April 4 1958, and went on to become Thailand’s fifth-richest man.
He started up a duty free shop in 1989, which eventually saw the King Power brand adorn airports across the country, and is now worth an estimated 4.9 billion US dollars (£3.9 billion), according to Forbes.
Mr Srivaddhanaprabha’s affiliation with the Foxes began as part of a shirt sponsorship deal, before brokering the £39 million consortium takeover deal from Milan Mandaric.
Mr Srivaddhanaprabha is married to Aimon and the couple have four children – Voramas, Apichet, Arunroong and Aiyawatt.
The new family surname of Srivaddhanaprabha was bestowed by King Bhumibol, former monarch of Thailand, in 2013.