Srivaddhanaprabha and four other people were killed when his helicopter crashed outside the stadium on October 27.
“We will never be able to repay what he did for us – for me as his son, us as his family, everyone connected to Leicester City and beyond – but we are committed to honouring his memory and upholding his legacy,” Aiyawatt Srivaddhanaprabha, Vichai’s son, said.
“Our continued growth as a club, our state-of-the-art new training ground and our planned stadium expansion will help realise his vision for Leicester City.
“I plan to commission a statue of my father, for outside King Power Stadium, as a permanent and fitting tribute to the man that made it all possible.
“He will forever be in our hearts. He will never be forgotten.”
Aiyawatt Srivaddhanaprabha confirmed the news in a personal tribute to his father in a souvenir programme for Saturday’s home Premier League game against Burnley.
Complimentary copies will be issued to all supporters attending Saturday’s fixture as part of the club’s tributes to Khun Vichai and the other four people killed in the crash.