The fee makes him the most expensive Nigerian player ever, displacing Odion Ighalo when he signed for Chinese club Changchun Yatai for £20m in January.
It is also the second highest African transfer fee this season behind Mohamed Salah’s £34.3m move from Roma to Liverpool.
The transfer, which has been in the offing for weeks, was held up by legal issues over his image rights with his former agents. But sources close to the player confirmed to a Source that after passing his medical on Tuesday, the player signed a five-year contract with the Foxes.
However, an announcement is only expected within the next 24-48 hours as the club tidy up legal details in respect of his former representatives.
It is unlikely, but Iheanacho could be announced in time to be involved in Friday’s friendly against Borussia Monchengladbach at the King Power Stadium.
Leicester’s capture of the 20-year-old, who scored 26 goals in his 71 appearances across all competitions and friendlies for Manchester City, brings to three the number of Nigerians at the King Power after Ahmed Musa and Wilfred Ndidi.
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