Leicester owner Vichai Srivaddhanaprabha admits the Foxes must consider everything as they look to resolve manager Craig Shakespeare's future.
Boss Shakespeare has hinted he expects to have talks with the owners this week with his contract as manager due to expire in June.
He replaced Claudio Ranieri until the end of the season in February and helped the Foxes into the Champions League quarter-finals, while steering them to mid-table safety.
The Foxes will finish in mid-table this season after last term's shock Premier League title win and chairman Srivaddhanaprabha praised Shakespeare's impact but offered no hints over his future.
"There are many things to consider and to talk about - both for the club and for Craig himself - but it is only right that we have those conversations with Craig before discussing the situation publicly," he told the club's programme ahead of Sunday's final game of the season against Bournemouth.
"Craig has been here with the club for many years now, is well known to everyone, widely respected and we had every faith in him to draw the response he has from the team.
"Craig has helped rebuild its confidence, build some momentum and maintain it so that we could secure our Premier League status and go as far as we did in the Champions League.
"In difficult circumstances, he has united people and that is when this club is able to achieve great things.
"When we took the decision (to sack Ranieri) it was taken knowing we had a very capable person here that could step into the role."