It was under Vichai's ownership that Leicester crafted one of the biggest fairytales in English football history by winning the 2015/16 Premier League, having started the season as 5,000-1 outsiders for the title.
Boss Claude Puel admitted preparations for the Burnley game had been hard after a 12,000-mile round trip but said it was important to the players to pay their respects.
The players will wear tribute T-shirts during their warm-up and in the first half the team will don shirts embroidered with Vichai's name.
Fans will receive commemorative scarves and souvenir matchday programmes in honour of the club's late chairman.
The second-half shirts will bear the embroidered poppy symbol in honour of those who have given their lives in war, with the match selected as the club's annual remembrance fixture, 100 years after the end of World War I.
A two-minute silence is expected to be held before the match.
Mr Srivaddhanaprabha's son, Aiyawatt, made the announcement about the statue less than 24 hours before Saturday's Premier League game against Burnley - Leicester's first home match since the disaster.
El tiempo se acabó: 'Gullit' Peña se despidió del Necaxa
El Gullit se formó en Pachuca pero fue enviado a León , donde ascendió a Primera y luego consiguió un bicampeonato. Sin embargo, la noticia causó ámpula en los seguidores del club europeo, quienes están enojados por su retorno.
The Italian was in charge when Leicester secured one of the most remarkable stories in football history, before his departure in February past year, and has accepted the club's invitation to attend the game.
"It definitely hit me", he said. "I saw it all happen".
Leicester have confirmed plans to relocate the many thousands of floral and other tributes that have been placed at the stadium to a designated area close to the accident site near the south-east corner of the ground.
"We know our fans, they are fantastic. there were 3,000 of them at our last game in Cardiff, it was a fantastic reunion with the fans", Puel said. It is important to honour our chairman and play a good game.
"After the game, there was a lot of emotion that we shared with them and we can imagine what it will be like at home with 30,000 people in the stadium".
"It's not easy to prepare this game, but the togetherness between us all, it's a good feeling, a good energy, a fantastic strength", he added. There will be a lot emotion around the game and we'll have to deal with that and pay our respects.