The Turkey international is the subject of advanced negotiations between the Foxes and Schalke, reports Sportitalia via Fussball Transfers.
And Leicester expect to close an agreement for a cut-price €9.5m, with relegated Schalke eager to get Kabak off their books.
A move to Leicester would see Kabak united with Turkey and Euro 2020 teammate Caglar Soyuncu.
Kabak spent the second-half of last season on-loan at Liverpool. In the Reds shirt, Kabak managed 13 appearances, though didn't do enough to convince Liverpool boss Jurgen Klopp to recommend his permanent signing. Schalke had offered Kabak for the same price Leicester are now in negotiations for.
Kabak also made Turkey's Euro 2020 squad, however never made the pitch. He has 12 caps.
The 21 year-old Kabak has a contract with S04 to 2024, though following their relegation both parties have agreed he should depart this summer.
- updated July 20