Fantastic Mr Fox says PNE boss
Grayson played 231 games for the Foxes and was in their League Cup-winning side in April 1997.
Leicester have defied the odds this season to be in title contention and currently have a five-point lead at the summit of the top flight.
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Hide AdJust a year ago, they were fighting relegation and looked doomed to dropping into the Championship.
Grayson said: “It would be great if they did win – it would be fantastic for football and the Premier League if they did.
“It would give a whole host of teams the belief that they could actually win it too.
“The other side of it is that clubs might think, ‘If Leicester can do it, why can’t we’ and that might increase expectation and pressure elsewhere.
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Hide Ad“They got a great away win at Watford last Saturday and are five points clear with nine games to go.
“Let’s hope they can see it through and be lifting the trophy in May.
“As much as people are trying to put pressure on them, they are just going out and enjoying what they are doing, seeing where it takes them.
“I think a lot of the country, the neutrals will be hoping Leicester can win it.
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Hide Ad“The opportunity for a club of their size to win it, might not happen again for many years. With all the extra money coming into the Premier League next season, you would think that the big clubs will start to dominate again.
“This is similar to when Nottingham Forest won the title in 1977/78 and I suppose only Blackburn have done similar since then.”
Grayson was a Leicester player from March 1992 to June 1997.
He joined the Foxes from Leeds for £50,000 and was sold to Aston Villa for £1.3m.
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Hide AdSaid Grayson: “I had more than five years at Leicester and they were happy times, there was a great spirit in the squad.
“We got to four play-off finals, got promoted and won the League Cup final.
“It was Filbert Street back then, the King Power Stadium wasn’t built.”