He will become vice chairman, alongside Aiyawatt Raksriaksorn and the Board of Directors, after the move was ratified by the Football League.
"I am delighted that Mr Shillai has accepted our invitation to join the Leicester City Board of Directors," chairman Vichai Raksriaksorn told the club's official website.
Mr Liu Shillai said: "I am extremely proud to be joining an ambitious, progressive club with the heritage and tradition of Leicester City and it is my intention to play a role in the club's further development and growth."
He will take up his position as vice chairman from 1 December.
Despite the addition to the ranks there will be no change to the ownership structure of the club, which remains wholly owned by King Power International.