The Turkish international was heavily linked with a move to Arsenal earlier this summer, but it seems his move to the Premier League will be to the King Power, rather than the Emirates.
Soyuncu joined Freiburg from Altinordu in 2016 and has gone from strength to strength in the Bundesliga.
The 15-cap star is expected to cost the 'Foxes' up to £19m including add-ons, with the 22-year-old now set to travel to Leicester to undergo his medical and sign on the dotted line.
Fellow defender Filip Benkovic is also expected to join the club before the end of the day.
However, it is understood that the addition of the defenders does not mean that Harry Maguire will be allowed to leave the club to join Manchester United on deadline day.