His son Aiyawatt, the club's vice-chairman, wrote in Saturday's match programme: "We will never be able to repay what he did for us - for me as his son, us as his family, everyone connected to Leicester City and beyond - but we are committed to honouring his memory and upholding his legacy".
Aiyawatt Srivaddhanaprabha added the statue would be a "permanent and fitting tribute to the man that made it all possible".
Leicester City players will wear shirts with club owner Vichai Srivaddhanaprabha's name embroidered on them when they play their first home match since the Thai tycoon was killed in a helicopter crash, the Premier League club said.
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.
The club will present supporters at the game with scarves, pin badges, clap banners and a special matchday programme as commemorative gifts.
The Italian was in charge when Leicester secured one of the most remarkable stories in football history, before his departure in February previous year, and has accepted the club's invitation to attend the game.
During the second half, the Foxes' shirts will bear an embroidered poppy symbol in commemoration of Remembrance Sunday, with a two-minute silence to be held before kick-off.
Puel said he expected an emotional afternoon.
"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".
He admitted getting the players ready for the game against struggling Burnley had been tough.
"Our strength, spirit and positive attitude, as well as the support of our fans, will be very important".
"Khun Vichai was a great, respected person both at the club and in Leicester in general", he said.
Burnley manager Sean Dyche and his coaching staff attended Leicester's game against West Ham but left before the accident occurred.
"In the last game, we found the right balance between emotion and concentration, and focus on our game".