From next season, the Premier League is swapping a title sponsor – currently Barclays – for up to seven different commercial partnerships.
Swiss watchmaker Tag Heuer was announced as one of those today, with a further three already secured.
According to Masters, the remarkable rise of Claudio Ranieri's men has assisted the Premier League in negotiations with potential new partners.
"From our point of view it’s been a great season for us talk about what I think is a great asset to the Premier League," said Masters.
"You simply do not know what is going to happen. And that can’t be said of all other European leagues, let alone sporting competitions.
"That’s what makes it great. And so it’s [negotiations] been good from that perspective."
Leicester are now just one win away from securing the Premier League title after Tottenham dropped points at home to West Brom on Monday night.
Tag Heuer chief executive Jean-Claude Biver expressed his admiration for The Foxes and his happiness that they were on the verge of a historic title.
"I have only admiration and respect [for Ranieri] because what he has been doing is a piece of history," said Biver.
"He has brought football back to the people. I dream every night that they win.
"When I woke up this morning and I saw Tottenham [vs West Brom] was only 1-1 I said 'Wow, we only need one more victory!'"
As part of the deal, Premier League fourth officials' boards will be shaped like Tag Heuer's Carrera watch and the brand's logo will appear on screen during TV broadcasts. Referees will also wear a watch designed by the company.
Tag Heuer is the Premier League's first new partner for its revamped commercial strategy, after Nike, Barclays and Electronic Arts all re-signed with the competition.
"The decision from the Premier League to change the business model makes it extraordinarily more attractive for a lot of brands and commercial entities to be involved", said Tag Heuer's UK managing director Rob Diver.