"I do (see Leicester as the blueprint)," Sullivan told Sky Sports News HQ. "I know how they've done it. They've got 11 penalties, you know.
"Lady luck's shined on them.
"They've had virtually no injuries. They've only used 18 players all season (it's actually 23). They've had two players who've played out of their skin - scored more goals than they've ever scored in their entire lives. They signed a fantastic midfielder - so one of their big signings came good. And that's how they've done it.
"But you still see them as not massively better than you are."
Currently sixth in the standings, West Ham have been awarded seven fewer Premier League penalties (4) than Leicester - who've scored four more goals (64) than the Hammers - and have been forced to use five more players (28) after losing several stars to injury.
As a result, the Londoners need at least two wins and favours from those playing Manchester City to qualify for next season's Champions League.
However, West Ham still have plenty of things to look forward to next term, in particular their move to the Olympic Stadium in Stratford.
The Hammers, like Leicester, were promoted from the Championship earlier this decade and consolidated under Sam Allardyce before progressing this season under Slaven Bilic.