The helicopter belonged to chairman Vichai Srivaddhanaprabha, who bought the club in August 2010 and was named chairman in February 2011 before overseeing Leicester's Premier League triumph in 2016.
Police said the other four people were believed to be two of Vichai Srivaddhanaprabha's staff Nursara Suknamai and Kaveporn Punpare, pilot Eric Swaffer and passenger Izabela Roza Lechowicz.
The players walked around the perimeter of jerseys, scarves and flowers that has formed at the King Power Stadium since Saturday's helicopter crash claimed the lives of owner Vichai Srivaddhanaprabha and four others.
The air accident watchdog is carrying out an investigation into what caused the aircraft to crash in a vehicle park near the stadium a few hours after the Foxes drew 1-1 with West Ham. "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".
Both Tuesday's First Team fixture against Southampton in the EFL Cup and the Development Squad fixture against Feyenoord in the Premier League International Cup have been postponed, it said.
- Police and emergency services rushed to the scene, with video footage showing flames coming from the crashed helicopter.
It is not known who was in the helicopter when it crashed nor what conditions they are in, but there are fears that several people had been killed.
The air accident watchdog has launched an investigation into why the aircraft fell to earth in a auto park near the stadium a few hours after Leicester drew 1-1 with West Ham.
It is also not clear whether anyone on the ground was affected.
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A small candle was placed in front of the flowers as more people gradually gathered to pray for anybody who may have been on the helicopter. "Thank you Boss! Rest well!"
Under his ownership, Leicester won the Premier League title in the 2015-16 season.
He was also involved in charity work, donating £2 million towards a new children's hospital.
"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".
In a statement, the AAIB says inspectors are expected to remain on the site at Leicester's stadium until the end of the week when the wreckage is expected to be transported to specialist facilities for a detailed examination.
The incident occurred in the club's auto park, where police cars and emergency services rushed towards an area where flames were clearly visible before it was evacuated. A cordon is now in place at the scene.
The wreath joined hundreds of scarves, jerseys and messages left by fans at the King Power Stadium close to where Vichai Srivaddhanaprabha's helicopter went down on Saturday.
Simon Cole, Chief Constable of Leicestershire Police, praised the impact Mr Srivaddhanaprabha had on Leicester as a city, as well as the football club.
"We sent a doctor, two paramedics in ambulance cars, a crewed ambulance and our Hazardous Area Response Team, with the first resource arriving within two minutes of the call", a statement read.