A fee of around £12.5m has been settled upon for Iborra, Sky sources understand, but he has yet to agree personal terms with Leicester.
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.
Leicester City are reportedly keen to bolster their midfield options and will look to bring Sevilla's Vicente Iborra to the King Power Stadium, trumping West Ham United in the process, as reported by the Independent.
"Once the transfer is done, the player will return to Seville to bid farewell to the fans".
If everything goes as expected, Vicente Iborra will leave Nervión after four seasons of delivery and commitment, wearing the armband as captain in his last campaign. Iborra has always shown an exemplary behaviour and has earned the respect and affection from all the sevillistas.
A defensive-midfielder, Iborra is extremely effective at breaking up play and he made three defensive actions per game in La Liga last season, including 52 clearances and 36 interceptions. He is likely to compete with Nampalys Mendy for playing time alongside Wilfried Ndidi and Danny Drinkwater.
"Leicester boss Craig Shakespeare is believed to have been impressed by the 6ft3" midfielder during the club's Champions League Round of 16 encounters last season.