Knockaert was one of the key members in leading the club's promotion charge to the Premier League during the 2013/14 campaign but his involvement in the first team had been surprisingly reduced last season.
As a result, the 23-year old had been stalling talks of an extension of his contract which expires this June and now he has seemingly confirmed his exit from the King Power Stadium by posting a farewell video message to the fans.
He said: "Hey Leicester City fans, just a quick message to say thanks for everything. I really enjoyed the three years I spent here.
"I have some great memories, especially the (Championship) trophy and I wish you all the best for next year and the future. I will never forget this club. Thank you very much."
Knockaert will be leaving Leicester on a Bosman transfer and is likely to join Belgian Pro League side Standard Liege.