Agreeing a contract with Iborra, 29, is expected to be a formality and the Spaniard is heading to England for a medical as the finishing touches are put on his deal.
A Sevilla club statement said: "Sevilla FC and Leicester City FC have reached a preliminary agreement for the transfer of Vicente Iborra to the British club pending the player's medical and his signature on the contract".More news: Activision might launch more Crash Bandicoot games
In a statement, Sevilla confirmed the deal and invited Iborra, who began his career at Levante, to hold a farewell ceremony with the club's supporters.
If they do, it would be the second bit of transfer business the Foxes have completed, having already signed Hull City defender Harry Maguire, with Craig Shakespeare determined to turn Leicester into a top half side in the Premier League.More news: Boris Johnson joins call to end 1% public-sector pay cap
The 2015-16 Premier League champions have had an offer reportedly worth £12.5million accepted and will now finalise personal terms with the player.
Once a deal is concluded, Iborra will be allowed to return to Sevilla to bid a public farewell to fans. In recent seasons, he has been used in a more attacking role by both Unai Emery and Jorge Sampaoli and has scored 30 goals in 172 games.More news: Flooding in China kills 33 and leaves thousands homeless
Sunderland attempted to sign Iborra in January, after he spent much of the season being used in central midfield or as an auxiliary centre-forward.
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