Several outlets have reported the move, although the Telegraph's John Percy - who is one of the most reliable journalists when it comes to Leicester news - has provided some further detail on his Twitter account.
He wrote: "#lcfc have agreed a fee with Liverpool for goalkeeper Danny Ward. Coming in as competition for Kasper Schmeichel, not as a replacement. Ward set to meet with Leicester in next 24-48 hours."
Meanwhile, reports that Ward has now been dropped from Liverpool's clash with Blackburn Rovers tonight have now emerged, with the 25-year-old having been due to start the game for Jurgen Klopp's side.
The news comes amid strong rumours that both Chelsea and Roma are interested in a move for Kasper Schmeichel, with both clubs set to lose their star goalkeepers, Thibaut Courtois and Alisson respectively.
Courtois has been heavily linked with a move to Real Madrid, while Alisson is close to completing a world record move to Mersyside.
Ward would be a smart signing for Leicester. The goalkeeper, who stands at 6ft 3in, is a senior Wales international and caught the eye during loan spells at Aberdeen and Huddersfield Town over recent years.
With the imminent arrival of Alisson, 24-year-old Ward would struggle even more to stake his claim for a place in the first time with the Merseyside club.