"The world has lost a great man", the Leicester club said in a statement.
Shilton, who was born in Leicester and made over 300 appearances for the Foxes between 1966 and 1974, said the city "will be in mourning for a long time".
"We now have a responsibility as a club, as players and fans to honor you", Schmeichel said.
"Supporters unable to visit King Power Stadium that wish to leave a message can do so through an online book of condolence, which will be made available via lcfc.com in due course".
The helicopter crash which killed Leicester City FC owner Vichai Srivaddhanaprabha was not caused by a police drone, Leicestershire Police said on Monday as investigations continue into how the accident happened.
With fans already fearing the worst, a makeshift shrine formed from early Sunday outside the stadium named after Vichai's King Power company.
Shilton said the helicopter then burst into flames.
Thai tycoon Vichai, a father of four and the founder of duty-free giant King Power International, is a huge favourite with fans after he bought the unfancied side from central England in 2010 and they went on to stun the football world by winning the Premier League title in 2016.
One of the five victims of the helicopter crash outside the home of Leicester City Football Club was a runner-up in Thailand's Miss Universe beauty pageant.
"If we needed help, he always came to help us, and all his family was involved in the club, it was like a family club".
"It was clothes for men and I said, "I don't need anything, ' but he said, 'yes, you need a jacket, you need this, you need that" - and he would never let me pay!
A man that was loved and adored by everyone here at LCFC and someone who I personally had the utmost respect for". "It's not just the club". She wanted to do something, but obviously we couldn't.
Bouquets, flags and football shirts were left outside the ground by members of the public, alongside a large image of the Hindu god Ganesh which was propped up amidst the flowers.
The incident occurred after a season 2018/2019 English Premier League match against West Ham United.
"I've only worked here a year. but I felt he was kind", she said, explaining Vichai would often walk the sales floor greeting staff as he did his rounds. "A awful tragedy. Heartbreaking". "It brought fame to Thailand when they won (the title)".
"He is an important person who has raised the bar of Thai football further", Apichart Jitratkavee, a Leicester fan in the Thai capital, said.
Leicester Mayor Peter Soulsby tweeted that his thoughts and prayers were "with all - particularly owners who've done so much for club and our city".
They initially seemed outclassed by richer and more established clubs from London, Liverpool and Manchester, languishing at the very bottom the table for most of the 2014-15 season.
The success also qualified them for the first time for the lucrative Champions League, the pinnacle of European football, where they again defied the odds to reach the quarter-finals before losing to Atletico Madrid.