Mr Srivaddhanaprabha and four others died on Saturday when the owner's helicopter crashed outside King Power Stadium following a home game.
Two members of the owner's staff, Nursara Suknamai and Kaveporn Punpare, pilot Eric Swaffer and passenger Izabela Roza Lechowicz also lost their lives, Leicestershire Police said.
The club said: "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 when a helicopter carrying him and four other people crashed outside King Power Stadium.
"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."
The helicopter fell from the sky and burst into flames in a car park near the stadium shortly after 8.30pm on Saturday.
The Air Accidents Investigation Branch (AAIB) is leading the investigation into the accident and a cordon remains in place at the scene while enquiries continue.
Leicester City said in a statement on Sunday evening that the "world has lost a great man".
The club added: "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.
"A book of condolence, which will be shared with the Srivaddhanaprabha family, will be opened at King Power Stadium from 8am on Tuesday 30 October for supporters wishing to pay their respects."
The club said an online book of condolence will be put on its website for supporters unable to visit the stadium to leave tributes.
It said Tuesday's first team fixture against Southampton in the EFL Cup and the development squad fixture against Feyenoord in the Premier League International Cup had been postponed.
It added: "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."
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