The player will fly to England this week, and although the deal is believed to be close, he still has to complete a medical as well as agree personal terms with the 2015/16 Premier League champions.
Sevilla FC and Leicester City FC have reached an agreement on the transfer of Vicente Iborra to the British side, at the expense of the Valencian player traveling to Leicester to undergo medical examination and sign his contract.
The former Premier League champions will reportedly part with £15m to sign the 29-year-old, who has been part of the Spanish club for the past four years.
In similar fashion, Iborra, who has a lot of respect for Sevilla, will not force the issue, but the general consensus here is that a deal is likely.
A defensive-midfielder, Iborra is extremely effective at breaking up play and he made three defensive actions per game in La Liga last season, including 52 clearances and 36 interceptions.
West Ham United were also understood to be interested in the three-time Europa League victor.
Once a deal is concluded, the midfielder will be allowed to return to Sevilla to bid a public farewell to fans after four seasons with the team.
Leicester have already signed centre back Harry Maguire from Hull City in a £17million move.
If the transfer is completed as expected, Iborra will arrive at the King Power Stadium with plenty of experience and pedigree.