The Posh have reportedly accepted a £3million bid for the 27-year old Scotland international and it is believed that a deal will go through today.
"I would expect him to sign for Leicester on Friday," said Peterborough chairman Darragh MacAnthony.
"Brighton came to the table with a strong offer but it wasn't anywhere near as strong as Leicester.
"West Ham made a very serious enquiry. I believe they're still very interested. I presume if Sven gets on with Craig he'll be a Leicester City player on Friday."