Manchester City have demanded that a £50m buy-back clause be included in Kelechi Iheanacho's contract ahead of his £25m move to Leicester.
The Telegraph have reported that the Nigerian forward had a medical at the club's training ground on Tuesday, and official confirmation of the transfer is imminent.
Leicester had reportedly agreed a deal for Iheanacho around four weeks previously, but saw the transfer held up due to a row over image rights with his former agents.
The deal now looks set to be completed, although it appears City have not entirely given up on the youngster yet.
The inclusion of a £50m buy-back option suggests that the 20-year-old could return to the Etihad if he proves a success with Leicester.
If Iheanacho is prolific for the Foxes, they could stand to double their money, while City would see the return of a striker that remains highly rated at the club.
Leicester reportedly beat the likes of Tottenham, West Ham and Monaco to the signing of Iheanacho, who could make his Leicester debut in Friday's friendly against Borussia Monchengladbach.
Manager Craig Shakespeare, however, has expressed his hope that his new signing is ready for the first game of the Premier League season against Arsenal.
"I'm hoping he will be available for the game at Arsenal, but I am like every other manager at the moment," he said. "I think we all find it frustrating but it is the current market.
"You saw with the Harry Maguire one, we got that done quick. When he is in the door, we can announce it.
"At the moment, of course, we are interested in players as most of the Premier League is, but you can see that clubs won't really talk about it until they are over the line."