Ayegbeni Yakubu's Everton career stated off promisingly with 21 goals in his first season but since suffering an Achilles tendon injury in November 2008 has struggled with form and only scored once this season.
English Championship Leicester have offered the Nigerian international a chance to resurrect his career with a loan until the end of the season with the possibility of a permanent move in the summer.
Leicester boss Sven-Goran Eriksson told the club's official website: "Yakubu is a tremendous signing for Leicester City. He will bring pace, power and experience to the club.
"He has captained his country, played in major competitions and is a first-class footballer, who I am certain will help us to achieve our aims of moving up the npower Championship.
"We are delighted that he is joining us until the end of the season and I'm sure that the supporters will enjoy watching him in action."
The 28 year old said: "It means a lot to me to be joining Leicester City and to be given this chance.
"When I had the option to come here, I didn't think twice. The manager is one of the greats in football history and to work with him presents a special opportunity for me."