Our long-serving goalkeeper, 29, was due back from a holiday in America on Thursday and expected to have a medical at Filbert Street on Friday.
If all goes to plan then Leicester are expected to unveil the former England keeper at a press conference early next week.
'Walks' signed professional forms with us in 1989, made his debut a year later and has since made over 300 appearances for us.
However, he was relegated to number two behind the outstanding Neil Sullivan last season and only managed five appearances in all competitions.
Reports are circulating suggesting Ian Walker is set to complete a £2million switch to Leicester City.