The event follows a 6km route in the city centre, including the stadium - home to the Premiership champions.
Janet Hudson of British Cycling said the cycling success at the Rio Olympics had also attracted many riders.
Sky Ride is a joint venture organised by Leicester City Council, British Cycling and Sky.
Councillor Adam Clarke, assistant city mayor for energy and sustainability, said: "We're seeing a year-on-year increase in the number of people choosing to commute into Leicester by bike. But we know that people don't start off by simply deciding to cycle to work.
"It's events like Sky Ride which help people to make that change and begin to cycle more regularly."
Thousands of cyclists have taken part in the annual Sky Ride in Leicester which included a tour around the inside of King Power Stadium.