The deal will see the Blues pay £70million plus add-ons for the 21-year-old starlet.
This summer, Thomas Tuchel's team, which was in severe need to strengthen their defense, had the defender as one of their main targets.
Now that an agreement has been reached, the footballer will relocate to west London.
In the summer of 2020, Fofana relocated from the French club Saint Etienne to the Premier League and quickly made a name for himself as one of the most intriguing young players in the nation.
The French star has played 52 times for the Foxes over his two years at the King Power Stadium, despite breaking his leg last season. He has also earned five caps for France's under-21 team.
Fofana did not play in Leicester's 2-1 loss to Southampton last weekend, and Brendan Rodgers stated that he will not play in the team's next game.
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