OwnGoalNigeria reports that the 20-year-old is set to sign a four-year contract with the Foxes, which will double his current wages and make him the highest-paid Nigerian footballer.
It is believed that Iheanacho has been booked in for his medicals on Wednesday.
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Leicester will pay City an initial fee of £22.5m for his services and they have also agreed on a buy-back clause of £37.5m for the first four years of his stay with the former Premier League champions.
However if they are able to qualify for the Champions League during Iheanacho’s first your years at the club and City want to exercise their buy back option, a fee of £50m has been agreed between both parties.
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