The decision was welcomed by Lord Ouseley, chair of anti-racism campaigners Kick It Out.
"We note and welcome the statement issued by Leicester City FC this evening regarding the action taken by the club following the professional misconduct of three of their players during a post-season tour of Thailand," he wrote in a statement.
"Leicester have set the right tone to allow football to assert itself in setting and maintaining the correct standards of conduct to enhance the game's image here and abroad as a source for good.
"For too long, decision makers at the top of the game have been reluctant to make responsible and authoritative decisions, as employers, to deal effectively and decisively with incidents of serious misconduct and unprofessional behaviour, as well as applying appropriate sanctions.
"It is therefore refreshing to see such positive action being taken in 2015 which we hope will set the decision-making pattern for the future."