The Foxes' Premier League fixture is their first home game since Srivaddhanaprabha was one of five people killed in a helicopter crash outside the King Power Stadium on 27 October.
Some of the other non-floral tributes laid by fans will be used to create a pitchside display for Saturday's match and will be incorporated in the stadium redevelopment plans, the club said, which were announced by Srivaddhanaprabha on his 60th birthday earlier this year.
Khun Vichai's son and Leicester's vice-chairman Aiyawatt Srivaddhanaprabha confirmed on Friday that the club will immortalise their late owner with a statue outside the stadium.
Also at the game, a special "Tribute to Khun Vichai" video will be shown on the big screens inside the ground while thousands of fans plan to march from Jubilee Square in the city centre to the ground.
"I was on the pitch and I waved him off", said Schmeichel.
Both teams will wear black armbands during the game, with a two-minute silence to be observed before the kick off, while Leicester's players will wear the tribute shirts in the first half and shirts with a poppy emblem for the second to commemorate Remembrance Sunday.
Boss Claude Puel admitted preparations for the Burnley game had been hard after a 12,000-mile round trip but said it was important to the players to pay their respects.
Earlier on Friday, Leicester begun the hard task of moving tributes to Mr Srivaddhanaprabha - including flowers, shirts and poems - from outside the North Stand to a designated memorial area close to the accident site on the other side of the stadium.
Stories have emerged of Vichai's acts of generosity to the club's supporters and players and sizeable donations he made to local hospitals.
"We know our fans, they are fantastic. there were 3,000 of them at our last game in Cardiff, it was a fantastic reunion with the fans", Puel said.
Under its new name, The Vichai Srivaddhanaprabha Foundation will continue to use football as a force for good in the community in a way that reflects the generosity, care and love of the Club's late Chairman.
"In the last game, we found the right balance between emotion and concentration, and focus on our game".
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