The 22-year-old has joined the Pilgrims on a two-year deal after leaving King Power Stadium.
He made three first team appearances during his time with the Foxes – under the guidance of current Chelsea manager Enzo Maresca.
Raikhy has enjoyed loan spells with Grimsby Town, Stockport County and Tamworth at various stages of his fledgling career.
He trained with his new team-mates for the first time on Saturday morning.