Reports from England reveal that the player has completed a £25 million move from City to the Foxes after passing a medical.
According to sources, the fee makes the Super Eagles star the most expensive Nigerian player ever, displacing Odion Ighalo when he signed for Chinese club Changchun Yatai for £20m in January.
Meanwhile, the move is the second highest African transfer fee this season behind Egyptian international, Mohamed Salah’s £34.3m move from Italian Serie A side, AS Roma to Liverpool.
Although the move was delayed by legal issues over image rights with his former agents, sources close to the player confirmed 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 wants to tidy up legal details in respect of his former representatives.
It is also mentioned that the Citizens have inserted a buy-back option in the contract, which is reported to be in the region of £50m for one of Europe’s brightest young footballers.
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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