Having previously spent 10 productive years in England taking in spells at St James' Park, Aston Villa and West Ham, the South American winger is hoping to secure a return to his spiritual home.
League side Colchester were the first to express an interest in his services, but a trial spell at the Us failed to produce a contract.
Solano then headed back to Newcastle, where he has taken in two previous stints, with Chris Hughton impressed by his fitness and attitude.
However, he is now on the move once more, with Championship promotion hopefuls Leicester taking the opportunity to run the rule over the talented playmaker.
"He's got a lot of quality," said manager Nigel Pearson, who coached Solano at Newcastle.
"He'd be a good acquisition at this moment in time."