Newcastle have agreed a fee with Leicester for the sale of Ayoze Perez.
Sky Sports News understands the Foxes have a deal in place to buy the Spaniard for £30m. Perez has agreed personal terms and has passed a medical.
Perez's move to the King Power Stadium is expected to be completed on Wednesday, which will make him Leicester's second signing of the summer after James Justin arrived from Luton.
Perez had been linked with a return to his homeland after saying last season "to go back to your country and play for a big team and enjoy La Liga, would be something great for my career".
The forward enjoyed his most productive season at Newcastle since moving to Tyneside from Tenerife in 2014, scoring 12 Premier League goals last term to end the campaign as the club's top scorer.
Former boss Rafael Benitez left the club last week following the expiry of his contract, while Venezuela international Salomon Rondon has returned to parent club West Brom after a successful season on loan.
Follow the Summer Transfer Window on Sky Sports
Sky Sports News is home to three new shows dedicated to bringing you the very latest news from this summer's transfer market.
Start your day with Good Morning Transfers at 9am as our team of reporters and pundits bring you the latest news and insight. Transfer Talk then follows at midday, delivering the biggest stories that matter to you. And join us at 7pm for the definitive round-up of the day's news with The Transfer Show.
And as well as tuning into Sky Sports News, don't miss a thing with our dedicated Transfer Centre blog.
There's also the Transfer Talk Podcast, the daily UK, Regional and European Paper Talk, plus features across skysports.com and the Sky Sports App.