The former Newcastle United striker will add a new dimension to the team's attack.
He managed 16 goals in 34 games for Newcastle last season, despite playing in a very defensive setup.
Leicester were searching for more firepower and quickly pounced when Perez decided to quit Newcastle this summer.
Rodgers spoke about his excitement at signing such a talented player.
Leicester boss Rodgers said to LCFC TV of Perez: "I think Ayoze will be a wonderful addition to the squad. He's quick, has a good eye for goal and he's experienced in the Premier League too.
"I think he's a player who will excite our supporters, and his style is one that I believe complements the options and quality that we already have here at the Football Club."