Leicester are closing in on a loan deal for Brighton youngster Facundo Buonanotte, who was due to have a medical with the Foxes on Thursday.
The Argentine, who plays as an attacking midfielder but can also operate on the right, would move to King Power Stadium for the season, with no option or obligation to buy.
Following promotion from the Championship last season, Leicester are keen to strengthen their squad for what promises to be a tough campaign in the top flight – especially with the threat of a possible points deduction for breaking spending rules still hanging over them.
Buonanotte is set to be the fifth player to move to Leicester this summer, with the club spending about £32million on Abdul Fatawu, Caleb Okoli and Michael Golding, as well as bringing in Bobby Decordova-Reid on a free transfer.
But they also lost key midfielder Kiernan Dewsbury-Hall, who followed former manager Enzo Maresca to Chelsea earlier in the summer for about £35m, while Kelechi Iheanacho, Dennis Praet and Marc Albrighton left the club at the end of their contracts.
The Argentinian is due to undergo a medical with the Foxes on Thursday, ahead of a possible loan deal
Leicester hope to add up to four more players before the transfer window closes on August 30.
The Foxes were charged by the Premier League for breaching Profit and Sustainability Rules (PSR) back in March and subsequently had an appeal against the financial breach rejected by an independent commission.
The charges relate to the three seasons prior to the 2022-23 campaign, with Leicester subsequently being relegated to the Championship.
In July, Leicester announced that Fatawu would be joining the club on a permanent deal from Sporting Lisbon, following the conclusion of his loan with the English club.
Leicester have already spent approximately £32million on new signings, which includes Abdul Fatawu
Bobby De Cordova-Reid, meanwhile, turned down a new contract with Fulham to sign a three-year deal at the King Power Stadium
Meanwhile, 22-year-old Okoli joined the Foxes at the beginning of July from Atalanta, alongside Michael Golding, who joins the club from Chelsea.
Jamaica international De Cordova-Reid turned down a new contract with Fulham to sign a three-year deal at the King Power Stadium.