Sportsmail revealed Leicester's interest in Yakubu last week and the 28-year-old Nigerian is ready to make the move after being sold on their ambitious project under Sven Goran Eriksson with a possible £4million permanent deal to follow in the summer.
The Nigerian was expecting further interest from West Ham after a move there failed to materialise in the summer but they have switched to other targets.
Dropping down a division: Yakubu (right)
Mbokani was also on West Ham's list but the uncertainty over Avram Grant's position has allowed Everton to step in and they are hopeful of agreeing a loan deal for the Monaco striker.
Meanwhile, Victor Anichebe is ready to settle his differences with Everton over his contract dispute.
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