Rob Tanner, Chief Football Writer for the Leicester Mercury, told CNN's Patrick Snell that the minute's silence was a moving tribute.
The funeral, likely to last a week, starts on Saturday in Bangkok.
The players' visit comes ahead of their away match against Cardiff, their first since the disaster.
Outside the temple on Saturday, Kiatisuk "Zico" Senamuang, a former Thai national soccer player and coach who was also at the Leicester match, told reporters that global soccer world had lost an important patron. "We are one big family and one of the main reasons for that is Vichai", he said.
"They were unified in their decision (to play the game Saturday), that it was important to them to pay respect to Vichai, by playing today and they've certainly made him proud in that sense". It has been an emotional day.
"Vichai chose Leicester when we were riddled with debt".
"I can't imagine what his family are going through".
Many of Leicester's players had a close relationship with Srivaddhanaprabha, the man they affectionately referred to as "The Boss".
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Three minutes into the match, Leicester's fans broke into a rendition of "When You're Smiling", the anthem that sound-tracked happier days during the club's title triumph.
Leicester are 12th in the table on 13 points, while promoted Cardiff are 17th with five points from 10 games.
The 22-year-old immediately whipped off his top to reveal an undershirt saying "For Khun Vichai" in memory of the Thai billionaire.
However, following these scenes, referee Lee Probert showed Gray the yellow card for removing his jersey, which many fans have reacted severely to.
Many of Leicester's players and staff travelled to Thailand after the win over Cardiff in order to attend Vichai's funeral, including Jamie Vardy, Kasper Schmeichel and Wes Morgan.
"I said at halftime I was the luckiest manager in the Premier League", said Mourinho, who added that he thought Bournemouth should have been 5-2 or 6-2 up by then.
"We were defensively bad". Mourinho called his team's first-half display a "disaster". "The second half was much better", Mourinho said. "We created lots of chances and deserved to score before the 92nd minute".
Newcastle earned their first league win this season with a 1-0 success against Watford at St James' Park. Everton downed Brighton 3-1, and West Ham swept past Burnley 4-2.