"What he would go on to help us achieve has been beyond anything we could have anticipated" said Leicester vice-chairman Aiyawatt Srivaddhanaprabha
Leicester boss Claudio Ranieri has committed his future to the club until 2020 after signing new four-year deal with the Premier League champions.
The 64-year-old led the Foxes to their first ever English title last season, defying the 5000-1 odds at the start of the term.
"From the moment I talked to the owners about their vision for Leicester City, I knew it was something I wanted to be part of for a long time," the Italian told the club's official website.
"The energy that exists at this club – from the owners and the staff, to the players and supporters – is something very special. I am very happy and proud that I will be part of it for years to come.
"Last season, that spirit and our hard work helped us to achieve something magical. If we can continue to work hard, maintain our passion and continue to fight with all our hearts, I am sure we can continue to be successful together."
Leicester City Vice Chairman Aiyawatt Srivaddhanaprabha said: "Twelve months ago, we brought to Leicester City a man whose knowledge and experience, we felt, could lead us into the next phase of our long-term plan.
"What he would go on to help us achieve, in the time we have achieved it, has been beyond anything we could have anticipated."
Leicester City lost just three games last year and now prepare to play in the Champions League this season alongside Europe's top clubs.