The Lilywhites saw a move for the 23-year-old striker collapse in the summer before his transfer to Filbert Street from Sheffield Wednesday and if he impresses in his loan move the transfer could be made permanent.
Preston boss David Moyes is keen to strengthen his squad for the final months of the season as he tries to earn a place in the play-offs and his need for further options in attack has been heightened by the fact that on-loan signing Brian McBride is heading back to Columbus Crew.
"We have agreed a deal with Leicester City that Richard Cresswell will be joining the club on Monday morning on a month's loan with a view to a permanent deal," said Moyes.
Cresswell has been linked with a move away from The Foxes for some time now, with both Bristol City and Nottingham Forest keen on signing the former England Under-21 ace.
The former York City striker has struggled to establish himself at Leicester, making just 13 appearances and scoring one goal.
