Matt Mills is discussing personal terms with Leicester after they agreed an undisclosed fee with Reading for the centre-back's services.
The Royals skipper has been the subject of much transfer speculation this summer with Premier League side Wolves having already seen a bid rejected for his services, believed to have been in the region of £3million.
Reading were understood to be demanding £4m for Mills, who scored in May's 4-2 Championship play-off final defeat to Swansea at Wembley.
With their valuation met, the 24-year-old defender could now be on his way to the King Power Stadium as Foxes boss Sven-Goran Eriksson continues his summer rebuilding programme for an assault on promotion from the Championship.
A statement on Reading's official website read: "Reading defender Matt Mills has travelled to Leicester City after the two clubs agreed a fee for the player's signature.
"With a fee agreed, the Leicester-born centre-half expressed an interest in speaking with City and those discussions are now under way."
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