Leicester City owner Vichai Srivaddhanaprabha was reportedly on board the private helicopter that crashed in the car park outside of the King Power Stadium.
An unnamed source close to the family confirmed to the BBC that the 61-year-old Thai businessman was one of the people in the helicopter.
The Daily Mirror has reported that fans have laid flowers at the scene.
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The condition of Mr Srivaddhanaprabha, as well as anyone else involved in the incident, is currently unknown.
The incident took place after Leicester's 1-1 draw to West Ham United.
One witness has said that the Foxes 'keeper Kasper Schmeichel had rushed out to the scene and was deeply distressed by what had happened.
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Another witness told Sky Sports: "[My nephew] saw this helicopter out of control, then drop within a second and burst into flames. He was so upset -- we're all thinking about the owners here and what they've done for the football club. It's awful, you can't believe it."
Sky sources have confirmed that Leicester City vice-chairman Aiyawatt Srivaddhanaprabha and director of football Jon Rudkin were not on board the helicopter.
A spokesman for Leicester City issued a statement in the early hours of the morning: "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."
That was the most difficult @BBCMOTD I’ve ever hosted. Thoughts are with everyone at Leicester City. A terrible tragedy. Heartbreaking.
Thoughts are with everyone at Leicester city 🙏🏻🙏🏻
We join the rest of the football community in sending our thoughts and prayers to all those affected following the terrible tragedy at Leicester City tonight.
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SPORTbible would like to send out its deepest condolences to Leicester City FC and all those who have been affected by this tragedy.
Featured Image Credit: PA