The Belgium midfielder will move to Toro on a season-long loan with a permanent option.
Italian transfer expert Nicolo Schira reports Toro will pay €1m for the loan and another €15m to make it permanent next summer.
Praet, himself, will sign a contract to 2026 should everything run as planned.
The 27 year-old midfielder played 24 games in all competitions for the Foxes last term.
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