Nigel Pearson's side recorded an impressive 102 points, losing only 6 games, on their way to securing the Championship title, and club chairman Vichai Srivaddhanaprabha - founder and CEO of King Power Duty Free - is determined for the Foxes to challenge the monopoly of the league.
Quoted by the BBC, the Thai billionaire told reporters in Bangkok that he is planning to invest large sums of money to achieve a top five finish - an aim he intends to complete within three years.
"It will take a huge amount of money, possibly 10bn Thai Baht (£180m), to get there," he said. "That does not put us off.
"I am asking for three years, and we'll be there.
"We won't take the huge leap to challenge the league's top five clubs immediately.
"Do we have a chance to beat them? Yes, we have, but I think we need to establish our foothold in the league first and then we think about our next step.
Srivaddhanaprabha's claims suggest that he has a vision he intends to see through, although the ease with which he refers to finding success in the Premier League is disconcerting. Of the three promoted clubs last season, only Hull City retained their manager and top flight status, while Crystal Palace secured survival by sacking Ian Holloway, and Cardiff City fell out of the league with boss Malky Mackay shown the door.
The claims are also made in contradiction to the low spending policy of manager Nigel Pearson, who has successfully transformed the club following the high-spending regime of Sven-Goran Eriksson - a regime which, due to FFP, could see a £22.5million fine deducted from Leicester's accounts.
While Pearson's removal of high-earning players suggests a desire to continue bringing in younger players, as he has successfully done in recent years, the 50-year old Englishman shared the optimism of his owner, potentially allowing for a change in transfer methodology.
"The important thing is we're going with a belief that we can achieve," he said after showing off the Championship trophy to fans in the Thai capital.
"It's important we continue to improve everything about ourselves. So, we can challenge for the top five. But, of course, one step at the time."
If Pearson manages to secure survival in the 2014/15 Premier League season, then one step of Srivaddhanaprabha's three-year plan is complete. Following that, the only way to look is up, as the European qualification spots beckon.