Maximizing the performance of the Itoh-Tsujii finite field inversion algorithm (ITA) on FPGAs requires tuning of several design parameters. This is often time consuming and difficult. This paper presents a theoretical model for the ITA for any Galois field and k-input LUT based FPGA (k > 3). Such a model would aid a hardware designer to select the ideal design parameters quickly. The model is experimentally validated with the NIST specified fields and with 4 and 6 LUT based FPGAs. Finally, it is demonstrated that the resultant designs of the Itoh-Tsujii Inversion algorithm is most optimized among contemporary works on LUT based FPGAs.