The company is in talks with Leicester but is not in a position to reveal further details, the Bangkok Post newspaper quoted Voramas Raksriaksorn, the company's communications head and daughter of its owner, as saying.
The deal is expected to be worth around $2 billion baht ($62.4 million), Thai television reported. A company spokeswoman could neither confirm or deny the reports.
King Power owns 76 outlets at domestic terminals and has a duty-free monopoly at Bangkok's Suvarnabhumi international airport, one of Asia's largest.
On the club's website Leicester confirmed takeover negotiations were ongoing but did not name the prospective buyers, who they said would make "excellent partners to take the club forward."
LATEST ARTICLES
