Nigel Pearson's side overcame Sheffield Wednesday 2-1 at the King Power Stadium on Friday, meaning that if QPR lost at Bournemouth and Derby failed to defeat Middlesbrough then Leicester would be promoted to the top flight for the first time since 2004.
That was confirmed when QPR fell to a 2-1 defeat at Dean Court, while a solitary Nathaniel Chalobah goal was enough for Middlesbrough to beat Derby at the Riverside Stadium, meaning the champagne corks could be popped in Leicester.
However, the hosts were in front again on the hour mark when Lewis Grabban reacted quickly to tap home Yann Kermorgant's initial saved effort and though Harry Arter was dismissed for a two-footed lunge on Junior Hoilett in the 68th minute, Bournemouth held on.
In the other decisive game at the top, Steve McClaren took his Derby side back to his old stomping ground of Middlesbrough, but it was to prove an unhappy return thanks to Chalobah's second-half winner.
Burnley remain second, 10 points clear of QPR, as Scott Arfield's 86th-minute leveller earned them a 1-1 draw at Watford, who had led through Troy Deeney's early opener.
And Reading retained their grasp on the final play-off position as Danny Williams' goal gave them a 1-0 triumph at lowly Charlton.
Fellow play-off hopefuls Wigan Athletic inflicted a fourth straight league defeat on Leeds United in the day's early game, as Martyn Waghorn celebrated his permanent move to the DW Stadium with the only goal of the contest.
There was good news for Leeds off the pitch, however, as Massimo Cellino successfully won his appeal against the Football League's decision to block his potential takeover and is now poised to assume control of the Yorkshire side.
Yeovil Town remain bottom of the league, but Gary Johnson's men defeated Blackpool 2-1 thanks to James Hayter's penalty and Tom Lawrence's strike.
