Leeds United have confirmed they have accepted an undisclosed offer from Leicester City for Kasper Schmeichel.
The Whites goalkeeper has one year deal left on his existing Elland Road contract and the club have opted against running the risk of losing his services for free next summer.
Leeds attempted to discuss the possibility with Schmeichel's agent over a possible extension once the season ended, but they felt a deal would be unlikely.
Leicester have now finalised a fee with Leeds and they will be discussing personal terms in the coming days as Sven Goran Eriksson's men build a squad to challenge for promotion.
"We feel this is the right deal for the club," Leeds manager Simon Grayson told the club's official website.
"We spoke to Kasper's agent at the end of the season about a contract extension and it was apparent that it was going to be difficult to agree a deal.
"Given the fact he has one year remaining on his contract we feel this is in the best interests of Leeds United."