The deal is believed to be worth around £25m and will come as further good news to ‘Foxes’ boss Craig Shakespeare after he saw his side come from behind to beat West Brom on penalties in Hong Kong on Wednesday.
‘Sportsmail’ reports that a fee and personal terms have already been agreed for the player and that the deal should go through once Leicester are back in the country at the weekend.
The 20-year-old has scored 21 goals in 64 appearances for Pep Guardiola’s side, but sruggled to establish himself in the City side last season, making only 5 Premier League starts.
Iheanacho was pushed down the pecking order further after the arrival of Gabriel Jesus, whilst City’s ongoing pursuit of Arsenal’s Alexis Sanchez would suggest that the club see no long-term future for the Nigerian.
Should Leicester sign the player, they will be getting someone with a formidable international record, the Imo-born striker has scored 6 goals in just 10 appearances for Nigeria.