Larsen was referring to City's fairytale Premier League triumph in 2015/16. The modestly-assembled Foxes denied odds at the beginning of that season of 5000-1 to win the title ahead of giants such as Arsenal, Tottenham, Manchester City, Manchester United, Liverpool and Chelsea.
Larsen admits Abafana Bes'thende are a "small team", and thus must set their sights on winning cup competitions rather than the biggest prize in South African football.
Arrows on Monday were drawn to visit Baroka in the last-16 of the Telkom Knockout, with Larsen eager to emulate his TKO success with Bloemfontein Celtic in 2012.
"I think every small team, we are one of those, something you look forward to is the cup games to try to have a good run, try and win silverware there," Larsen said.
"Because the chance of any of us doing a Leicester is almost impossible in the PSL with the strength of the big four, five teams, so we'll always be gunning for the cup.
"This cup is only for the 16 teams in the premier league and sometimes if the draw favours you, with a little bit of luck along the way you can end up in the semis or final. Hopefully we'll try and achieve that."
Arrows were eliminated in the first round of the TKO by Orlando Pirates in the past two years.
Meanwhile, Larsen was naturally pleased with his side's second league win of the season, and first at home, in Sunday's 1-0 defeat of Black Leopards at Princess Magogo Stadium in KwaMashu.
Knox Mutizwa scored with a simple finish for his second second goal of the campaign following good work down the right by Siboniso Conco, the winner of last term's MDC's Precious Find award.
Larsen said his players, especially his strikers, have been feeling the heat at training over their struggle to score goals.
"I'm also happy for Mutizwa. I think our strikers [including Lerato Lamola] have been under a little bit of pressure. They both last scored against Maritzburg in the opening fixture.
"You know they've worked really hard and have been very unlucky in front of goal, and on Sunday their perseverance and hard work paid off.
"But you know it could've been more, but a third clean sheet in a row, I'll take it."
Arrows' next league assignment is against Free State Stars on October 24 at Goble Park.
