Leicester, whose Premier League triumph in 2016 was a major upset, have dropped to League One after finishing second-from-bottom in the Championship last season.
Reuters has asked Leicester for comment.
Thai travel retail group King Power founder Vichai Srivaddhanaprabha bought Leicester from Milan Mandaric after the company signed a shirt sponsorship deal with the club.
Leicester, founded in 1884, were promoted to the Premier League in 2014 and secured their first top-flight title two years later. The club won their only FA Cup in 2021.
Srivaddhanaprabha died in 2018 when his helicopter crashed outside the club's stadium.
Leicester have struggled to manage their finances in recent years and have been relegated in successive seasons. They were docked six points last term for breaching EFL spending rules.