Diabate, who can operate as a central striker or on either wing, has played 20 times in all competitions for the French second division club after joining them in the close season following two years with Guingamp.
The 22-year-old, who was a product of the Stade Rennais academy youth system and made his professional debut in December 2016, had represented Mali at the under-20 and under-23 level, Leicester said on their website (www.lcfc.com).
"In the past, Leicester have signed good players from Ligue 2 in (Riyad) Mahrez and (Anthony) Knockaert," Leicester boss Claude Puel told the Leicester Mercury before the deal was announced.
"Diabate has a lot of quality. He has pace and good penetration. He has very good feet and he can make the difference... It is a good opportunity for the future and an interesting player."
Eighth-placed Leicester take on defending champions Chelsea at Stamford Bridge in the league on Saturday.
(Reporting by Shrivathsa Sridhar; Editing by John O'Brien)
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