The 29-year-old Sevilla captain, who is also capable of filling in at centre-back, has been at Ramón Sánchez Pizjuán since 2013 when he signed from Levante.
“Sevilla FC and Leicester City FC have reached an agreement for the transfer of Vicente Iborra to the British side, with the player yet to travel to Leicester to pass his medical and sign his new contract,” said Sevilla in a statement, via Euro Sport.
“Once the operation concludes, he will return to Seville to publicly bid farewell to the fans.
“If everything turns out as expected, Vicente Iborra will leave Nervión after four seasons full of compromise and will, bearing the armband as the first captain in his last season.
“Iborra has always shown an exemplary behaviour and has earned the respect and affection from all the sevillistas.”