Leicester have agreed a £30m fee with Premier League rivals Newcastle for striker Ayoze Perez.
The 25-year-old, who scored 12 league goals last season to help the Magpies avoid relegation, will discuss personal terms with the Foxes.
The Spaniard joined Newcastle from Tenerife for £1.5m in 2014.
Perez would become Leicester manager Brendan Rodgers’ second signing of the summer, following the acquisition of defender James Justin from Luton.
The Foxes are the focus of a £70m bid from Manchester United for defender Harry Maguire, 26.
Perez played in all but one of Newcastle’s Premier League matches in 2018-19 and he has been the club’s top scorer in all competitions in each of the last two seasons.
In all he has scored 48 times for the north east club in 195 appearances.
Newcastle are currently searching for a new manager following the departure of Rafael Benitez, who took over at Chinese side Dalian Yifang on Tuesday.