The newly-promoted club is looking to make a big splash in the Premier League, with the owner willing to splash the cash for a high finish.
Owner Vichai Srivaddhanaprabha is prepared to spend 180 million pounds in order to make Leicester City a top-five Premier League club.
Leicester sealed a return to the top flight after a 10-year absence by winning the Championship title in impressive fashion.
Nigel Pearson's side amassed a whopping 102 points and the ambitious Srivaddhanaprabha is determined to ensure it becomes a force to be reckoned with in the Premier League.
The billionaire, who led the takeover of the club in August 2010 and was then named chairman since 2011, is ranked the 11th richest man in Thailand by Forbes and he is ready to invest heavily to ensure Leicester is playing in Europe again in the near future.
He told reporters: "We want to stay in the EPL as long as possible, But 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.
"It will take a huge amount of money, possibly 10 billion Thai Baht (around £180 million), to get there. But that doesn't put us off. I am asking for three years, and we'll be there."