Vichai Srivaddhanaprabha and four others died in a helicopter crash outside the King Power Stadium in October 2018.
His son and current chairman Aiyawatt has previously said he wanted the statue as “a permanent and fitting tribute”.
Now fresh proposals have been submitted that will include planters and benches.
The Local Democracy Reporting Service said plans were previously put to Leicester City Council in 2020 for a statue, which would have been slightly smaller and did not feature planters and benches.
New proposals state the statue would include an inscription around the base that reads “always in our hearts”.