Spencer Nolan, head of consulting at Repucom UK and Ireland said "central to realising the club's full potential as a commercial entity" would be its ability to attract new fans.
"While it is too early to really evaluate the rapidly growing fan bases we are starting to see across Asia for example, social media provides us an opportunity to start to quantify this surge," he said.
Repucom said Leicester's Facebook page has seen a 540% growth in followers this season alone. Fans from Algeria, who have closely followed the inspired performances of PFA Player of the Year, Riyad Mahrez, account for nearly 17% of Leicester's social followers. The analysts also pointed to strong growth in Leicester's fan bases in Thailand and Italy - home to the club's owners and manager, respectively.
Mr Nolan said: "Leicester City FC's real commercial potential will become clearer in the season break as brands vie to associate themselves to the club and, in turn, the league winners aim to maximise the returns their status could command."
He added: "The task now is to optimise the value of those assets and ensure they attract the incomes Leicester City could now generate."