Leicester faced competition from West Bromwich Albion and newly-demoted Sunderland, but the Foxes have managed to get their first.
Leicester City have not made a comment to confirm or deny Sevilla'sstatement.
"Three Europa Leagues, 172 games and 30 goals are the numbers of a legend that will be remembered for his leadership on and off of the pitch, as well as by the dignity that he gave to the captains armband every time he wore it".
In similar fashion, Iborra, who has a lot of respect for Sevilla, will not force the issue, but the general consensus here is that a deal is likely. The Spaniard was a popular figure among the Sevilla fans and the club have confirmed that he will return to the Ramón Sánchez Pizjuán Stadium once the transfer is complete to publicly bid farewell to the fans.
West Ham United were also understood to be interested in the three-time Europa League victor.
The statement read: "Sevilla and Leicester City have reached an agreement in principle for the transfer of Vicente Iborra".
Iborra is set to sign the contract with the Foxes after passing a medical.
However, the move could finally pave the way for the departure of Riyad Mahrez from the club.
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