Chelsea have agreed a £30m fee with Leicester for midfielder Kiernan Dewsbury-Hall.
The 25-year-old is set to have a medical at Stamford Bridge and will sign a six-year deal until 2030.
The player rejected a similar move to Brighton last week.
Leicester were targeting £40m for Dewsbury-Hall and an earlier bid from Chelsea was rejected, but significant pressure from Premier League profit and sustainability regulations may have been a factor behind them accepting less.
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The Foxes are also reportedly in talks to sign midfielder Michael Golding, 18, from Chelsea, which may be factored into the calculations.
The move for Dewsbury-Hall is expected to be completed before the 30 June Premier League profit and sustainability deadline and help Leicester comply with the financial rules.
Moving to Chelsea would see the player link up again with manager Enzo Maresca, who joined the Blues this summer after winning the Championship title with Leicester last season.
Dewsbury-Hall scored 12 and assisted 14 goals in 44 Championship games last season, leading to him being named Leicester’s player of the season, and the players’ player of the season.
Golding has made one senior appearance for Chelsea but is highly rated as an England youth international.