Kelechi Iheanacho has completed his medical at Leicester and is poised to complete his move from Manchester City.
The fee makes him the most expensive Nigerian player ever, displacing Odion Ighalo when he signed for Chinese club Changchun Yatai for £20m in January.
Personal terms have been agreed and the £25m transfer – which gives City the option to buy Iheanacho back for £50m – is nearing completion.
City believe the 20-year old Nigerian has the potential to become a world-class goalscorer, but presently they are struggling to guarantee him regular first-team football.
It is unlikely, but Iheanacho could be announced in time to be involved in Friday’s friendly against Borussia Monchengladbach at the King Power Stadium.
Leicester’s capture of the 20-year-old, who scored 26 goals in his 71 appearances across all competitions and friendlies for Manchester City, brings to three the number of Nigerians at the King Power after Ahmed Musa and Wilfred Ndidi.
Eight players have left City since the end of last season and Eliaquim Mangala, Wilfried Bony and Samir Nasri are also expected to depart.