The 20-year-old Super Eagles attacker has fallen down the pecking order under Manchester City manager Pep Guardiola, paving the way for the Foxes to lure him to the King Power Stadium.
According to sources, a deal to bring the Nigerian international to the 2015/16 Premier League champions has been agreed in principle.
The former English Premier League champions Leicester City have had an offer of £25 million accepted by Manchester City for striker Kelechi Iheanacho.
Shakespeare believes Iheanacho will form a formidable partnership with Jamie Vardy upfront, with both forwards blessed with pace and deadly finishing.
His startling form led to his debut for the Super Eagles in 2015, where he has since went on to notch up an impressive six strikes in 10 caps.
He was part of the Nigerian side that won the Fifa Under-17 World Cup in 2013, where he took home the Golden Ball award, as he netted six goals as well as providing seven assists in the tournament.
