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Nigerian striker
Iheanacho is looking for first-team football after falling out of favour with manager Pep Guardiola at Manchester City.
According to reports, the Nigeria international will cost Leicester City £25m in a deal that could take weeks to be finalised.
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Iheanacho has been identified as the ideal candidate by Leicester City manager Craig Shakespeare to improve their attack.
Shakespeare wants a deal for the 20-year-old to be completed before they head off to Hong Kong for the Premier League Asia Trophy.
Iheanacho signed for Manchester City in 2015, joining their Academy before he was promoted to the senior team.
The Super Eagles striker has 21 goals in 64 games and one of the most impressive goal-per-minute ratio in the Premier League.
He gained prominence in 2015 under former Manchester City manager Manuel Pellegrini. He was City’s second choice striker before the arrival of Brazilian youngster Gabriel Jesus.