According to Sky Sports, the Foxes have signed the 20-year-old as an addition to the club's development squad.
Loft was released by Tottenham at the end of last season, having failed to make an appearance for the first team since his arrival in north London as a 15-year-old back in 2013.
Over recent seasons, the powerful striker has had loan spells with Braintree, Stevenage and Exeter City, but is still awaiting his first Football League goal.
The only competitive goal he has scored at senior level came in the Checkatrade Trophy, when he scored against League Two outfit Luton Town.
He has experience at League Two level, joining Stevenage on loan in January last year before spending the second half of last season on loan at Exeter City.
Loft is a physical striker, who can cause problems for defenders with his impressive strength and ability to hold the ball up. Despite not having a great goal scoring record, his style of play would make him a useful asset for any side.
It's clear to see why Leicester have signed the youngster, with their development squad being built around tall, physical players who can out-muscle opponents in both defence and attack.
Leicester have made a host of impressive signings for their development squad over recent years, including former Chester captain Sam Hughes and ex-Coventry midfielder George Thomas, who has been capped by Wales during his time with the Foxes.
Loft becomes the club's fourth signing of the summer, following the arrivals of Portugal right back Ricardo Pereira, West Brom captain Jonny Evans and England Under-21 international James Maddison from Norwich City.