Leicester owner Vichai Srivaddhanaprabha h as agreed to buy Oud-Heverlee Leuven, according to the Belgian club.
The Foxes chairman has made the move through his company King Power and second division side OH Leuven say the deal will be formally done after due diligence is completed.
An agreement has been signed by the club and King Power, with OH Leuven saying the bid was the only "clear, written and coherent proposal within the time limit".
An OH Leuven statement said: "The takeover will be formally completed after the usual period of due diligence. The King Power group will keep community work a priority, as well as co-operating with the various supporters' groups and will further develop the youth programme, all in line with its major sporting ambition for the first team."
This season OH Leuven avoided relegation to the third tier.
Srivaddhanaprabha bought Leicester in 2010 and saw them win the Premier League title last season.
This year the Foxes reached the Champions League quarter-finals, losing 2-1 on aggregate to Atletico Madrid after sacking Claudio Ranieri in February.
Craig Shakespeare has guided them away from the relegation zone and the Foxes sit 11th ahead of Thursday's visit of Tottenham and Sunday's final game of the season at home to Bournemouth.