Jamie Vardy and club captain Wes Morgan are among the players who attended a prayer ceremony at a Bangkok temple for Vichai Srivaddhanaprabha’s funeral.
It began on Saturday with Buddhist bathing rituals, and is being followed by a week of recitation ceremonies.
The helicopter crashed after taking off from the club’s stadium on 27 October, killing Mr Vichai and four others.
The Leicester players travelled to Thailand on the 12-hour flight on Saturday after winning 1-0 at Cardiff City in the Premier League, in the first game since his death.
They joined Sunday’s Buddhist prayers for Mr Vichai and will do so again on Monday before arriving back in the UK the following day to prepare for their home match against Burnley on Saturday.
Press agency AFP reported that on entering the temple, players gave Mr Vichai’s family a hug, and then offered jasmine flowers as they knelt in front of an octagonal jewelled urn given by the king.
England defender Harry Maguire and manager Claude Puel are also among those who have travelled but a few players have not, including Demarai Gray, who scored the winning goal at Cardiff.
Many of the squad, including Vardy, Morgan, and goalkeeper Kasper Schmeichel, have spoken of the huge impact the Thai billionaire had on them and the club.
Jonathan Head, the BBC’s South East Asia correspondent, said: “This is a more formal atmosphere than the players will have experienced during the moving tributes to Mr Vichai in Britain.
“But it is their last farewell to him, and will doubtless be an emotional occasion for them.”
Princess Sirivannavari Nariratana also attended the second day of Mr Vichai’s funeral.
Nusara Suknamai, Kaveporn Punpare, pilot Eric Swaffer and his partner, Izabela Roza Lechowicz, also died in the crash at the King Power Stadium.
Ms Nusara’s funeral took place in Bangkok on Saturday.
The 32-year-old, who was a member of Mr Vichai’s staff, was a runner-up in Miss Thailand Universe in 2005, where she was listed as being from Bangkok province.
The Air Accidents Investigation Branch (AAIB) is conducting a probe into the cause of the crash.