The 1992 Football League Second Division play-off final was an association football match, which was played on 25 May 1992 at Wembley Stadium, London, between Blackburn Rovers and Leicester City. The match was to determine the third and final team to gain promotion from the Football League Second Division, the second tier of English football, to the inaugural season of the Premier League. The top two teams of the 1991–92 Football League Second Division season gained automatic promotion to the Premier League, while the clubs placed from third to sixth place in the table took part in play-off semi-finals; Leicester City had ended the season in fourth position, two places ahead of Blackburn Rovers. The winners of these semi-finals competed for the final place in the Premier League. Derby County and Cambridge United were the losing semi-finalists.

The match was played in warm conditions in front of a Wembley crowd of 68,147 spectators and was refereed by George Courtney who was officiating his final league match. Neither team dominated the early stages of the match and the only goal of the game came moments before half-time when Blackburn's record signing Mike Newell scored from the penalty spot. David Speedie was brought down in the Leicester City penalty area by Steve Walsh and Courtney awarded the spot kick having adjudged the challenge as a foul. In the second half, both sides created numerous chances; with five minutes remaining, Leicester City goalkeeper Carl Muggleton brought down Mark Atkins to concede the second penalty of the match. This time, however, Muggleton saved Newell's strike. Despite late pressure from Leicester City, they failed to score and the match ended 1–0 to Blackburn, and they were promoted to the Premier League.

Blackburn Rovers finished their following season in fourth place in the Premier League. Leicester City ended their next season in sixth place in the 1992–93 Football League First Division, and qualified for the play-off final where they lost 4–3 to Swindon Town.

Leicester City finished the regular 1991–92 season in fourth place in the Football League Second Division – the second tier of the English football league system – two places and three points ahead of Blackburn Rovers. Both therefore missed out on the two automatic places for promotion to the Premier League and instead took part in the play-offs, along with Derby County and Cambridge United, to determine the third promoted team. Leicester City finished three points behind Middlesbrough (who were promoted in second place) and seven behind league winners Ipswich Town.

Blackburn Rovers' opposition in their play-off final semi-final were Derby County, with the first leg taking place at Ewood Park, Blackburn, on 10 May 1992. Within fifteen minutes, the visitors were two goals ahead: Marco Gabbiadini scored the opener with a header past Bobby Mimms from a Paul Simpson free kick. Soon after, Tommy Johnson doubled Derby's lead, having been put clear by Simpson with a chip. Scott Sellars then halved the deficit with a free kick which took a significant deflection before beating Steve Sutton in the Derby goal, before Mike Newell levelled the match just before half time. Midway through the second half, David Speedie put the home side ahead for the first time after he capitalised on a defensive mistake from Andy Comyn, before going on to double the lead minutes later, with the match ending 4–2. The second leg took place three days later at the Baseball Ground in Derby. Comyn put the home side ahead with a header from a Johnson cross only for Kevin Moran to equalise from a corner. With fifteen minutes remaining, Ted McMinn scored Derby's second, making it 2–1 on the evening, but with no further goals, it meant that Blackburn won 5–4 on aggregate to qualify for the final. Speedie was attacked by a number of Derby supporters after the final whistle who had encroached onto the pitch.

In the second semi-final, Leicester City faced Cambridge United, the first leg being played at the Abbey Stadium, Cambridge, on 10 May 1992. The visitors took the lead late in the first half: Dion Dublin headed down a cross from a short corner to Kevin Russell who struck a left-footed volley into the far corner of the Cambridge goal. With fifteen minutes of the match remaining, Cambridge's captain Danny O'Shea headed in an equaliser to see the match end in a 1–1 draw. The return leg, at Filbert Street, took place three days later. Mick Heathcote hit the bar for the visitors and Dublin volleyed wide in an opening period dominated by Cambridge, but it was Leicester who took the lead. In the 29th minute, Tommy Wright scored after taking advantage of a Richard Wilkins defensive miskick and seven minutes later Steve Thompson made it 2–0. Three goals in five second-half minutes settled the match: Russell headed Leicester's third goal in the 59th minute, then Wright scored from a Ian Ormondroyd pass before Ormondroyd scored the fifth of the game. It ended 5–0 and Leicester progressed to the final 6–1 on aggregate.

Leicester City had not participated in the second tier play-offs before the 1991–92 season, and had played at that level since being relegated in the 1986–87 season. It was also their first trip to Wembley Stadium for 23 years and had failed to win at the national stadium in four attempts. Blackburn Rovers had featured in the play-offs for three consecutive seasons between 1988 and 1990, including a 4–3 defeat by Crystal Palace in the two-legged 1989 final. They had played in the second tier of English football since the 1980–81 season when they were promoted from the Third Division as runners-up, and had not played at the highest level since the 1965–66 season. Leicester City had won both matches between the sides during the regular season: a 3–0 victory at Filbert Street in September 1991 was followed by a 1–0 win at Ewood Park the following April. The leading scorer during the regular season for Leicester City was Tommy Wright with 17 (12 in the league, 2 in the League Cup and 5 in the Full Members' Cup), followed by Paul Kitson (10 goals in all competitions) and Steve Walsh (8 goals in all competitions). Speedie was Blackburn's top goalscorer with 24 goals, 23 in the league and 1 in the League Cup. The teams were competing to become the first play-off winners to be promoted to the newly-formed Premier League, a move which caused Division Two to be renamed Division One, Division Three to be renamed Division Two and so on. Leicester City's manager Brian Little declared that the play-off final was "the biggest game in the club's history" and as a result of a new television deal, victory could have been worth up to £3 million (equivalent to £7.8 million in 2023).

Businessman Jack Walker had bought a 62% controlling stake in Blackburn Rovers in 1991. He convinced former Liverpool and Scotland international Kenny Dalglish to come out of retirement to take the position of manager at the club in October 1991, replacing Phil Parkes who had been caretaker manager since Don Mackay had left the previous month. David Lacey in The Guardian reported that Dalglish spent £5.5 million (equivalent to £14.4 million in 2023) on transfers during the season. This included a club-record £1.1 million (equivalent to £2.9 million in 2023) for Newell from Everton in November 1991, who became the club's first million-pound player, and a similar sum for Roy Wegerle the following March. Other signings included Alan Wright, Colin Hendry, Gordon Cowans, Tim Sherwood, Chris Price, Matt Dickins and Duncan Shearer. Dalglish's counterpart, Brian Little, had been appointed as manager of Leicester City in June 1991, replacing Gordon Lee who had led the club to survival the previous season. Little had led Darlington to back-to-back promotions, as champions of the 1989–90 Football Conference and subsequently the 1990–91 Football League Fourth Division. He signed eight players for Leicester early in the season, including three former Darlington players in Gary Coatsworth, Paul Willis, and Michael Trotter. Before the transfer window closed, Little also brought in Ormondroyd and Phil Gee from Derby County in exchange for Kitson, along with Simon Grayson and Mike Whitlow.