Agreeing a contract with Iborra, 29, is expected to be a formality and the Spaniard is heading to England for a medical as the finishing touches are put on his deal.
If they do, it would be the second bit of transfer business the Foxes have completed, having already signed Hull City defender Harry Maguire, with Craig Shakespeare determined to turn Leicester into a top half side in the Premier League.
Iborra had been linked with a move to West Brom and was close to joining Sunderland last summer after both parties had agreed a deal in principle. Iborra has always shown an exemplary behaviour and has earned the respect and affection from all the sevillistas. Danny Drinkwater and Wilfred N'Didi were the starting duo in the Foxes' team, with Andy King, Daniel Amartey, Matty James, Nampalys Mendy, Harvey Barnes all waiting in the wings.
Leicester missed N'Golo Kante during the 2016-17 season and will hope Iborra can fill the void left by the Frenchman after he left for Chelsea, winning another Premier League title with the Blues.
That said, with Sevilla appointing Eduardo Berizzo as their new manager perhaps Iborra isn't in his plans and whatever way you slice it up, this seems like a massive coup for Leicester.
Iborra, who was Sevilla's captain last season, had seven goals and two assists in 30 appearances (12 starts), playing mostly as a defensive midfielder.