Perez, who joined Newcastle from his hometown club Tenerife in 2014, was the Premier League club's top scorer last season with 12 league goals.
"Leicester City Football Club is delighted to confirm the signing of Spanish forward Ayoze Perez for an undisclosed fee, subject to Premier League and international clearance," Leicester said in a statement on their website https://www.lcfc.com/news/1263589/leicester-city-sign-ayoze-prez-from-newcastle-united/press-release.
"Perez is one of the Premier League's most exciting talents, with pace, trickery and an eye for goal that will add plenty to City's attacking ranks ahead of their top-flight opener at home to Wolverhampton Wanderers on Sunday August 11."
The forward is Leicester manager Brendan Rodgers' second signing of the close season following the arrival of defender James Justin from Luton Town.
(Reporting by Simon Jennings in Bengaluru, editing by Ed Osmond)
