Iborra was captain of Sevilla last season and, in total, made 172 appearances, scoring 30 goals.
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.
Sevilla are set to lose captain Vicente Iborra to Leicester City after the Spanish side announced on Tuesday they had agreed to sell the midfielder to the former Premier League champions for a reported 14 million euros ($15.8 million).
Once a deal is concluded, Iborra will be allowed to return to Sevilla to bid a public farewell to fans.
Sevilla have said the player is set to undergo a medical and will return to the Spanish city to bid farewell to the club's fans.
'Iborra has always shown an exemplary behavior and has earned the unanimous love and respect of all Sevillians'. 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 boss Craig Shakespeare is believed to have been impressed by the 6ft3" midfielder during the club's Champions League Round of 16 encounters last season.
With that fresh in his mind Iborra will be attracted to Leicester, but giving up UCL action with Sevilla for a likely midtable scrap with Leicester seems like a bit of an odd decision for a player who has won three Europa League titles and has driven Sevilla on from midfield in recent seasons.