Vichai Srivaddhanaprabha's helicopter crashed in the vicinity of the King Power Stadium after the Foxes' Premier League game against West Ham (1-1). Police cars and the emergency services rushed towards an area.
East Midlands Ambulance Service NHS Trust urged members of the public to stay away from the scene.
As is the norm, Leicester's owner, Vichai Srivaddhanaprabha private chopper left from the centre circle of the pitch, though it is yet to be confirmed whether he was on board.
The helicopter crashed by a nearby vehicle park after spiralling out of control as it departed from inside the stadium approximately an hour-and-a-half after Leicester's 1-1 draw with West Ham.
The helicopter just cleared the top of the stadium before spiralling out of control and plummeting to the ground and exploding, eye witnesses told Reuters.
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A helicopter used by the Leicester City owners lands on the pitch after the Barclays Premier League match between Leicester City and Crystal Palace at the King Power Stadium on February 7, 2015 in Leicester, England.
He told BBC Radio 5 live: "Literally the engine stopped and I turned around, and it made a bit of a whirring noise". The reception area is described as silent, people looking around and crying and not knowing what to do and consoling each other.
"Failure, upon take off, resulted in a fire prior to a crash in the vehicle park". The blades had stopped - it was spinning and there was a big bang and then a big fireball.
Leicester defender Harry Maguire tweeted some prayer emojis with an accompanying video of the fire.
Srivaddhanaprabha, who bought the club in 2010, is normally flown back to London after games. I've been in touch with our emergency services and thanked them for responding so quickly.