Sky sources understand that Leicester manager Nigel Pearson is set to sign a new contract.
Pearson, whose current deal is due to expire this summer, guided the club back to the Barclays Premier League after winning the Sky Bet Championship title.
Leicester won the Championship title with six games to spare, having led the league since before Christmas and passing the 100 points mark for the season.
Pearson is in his second spell as manager of the Foxes, having left the helm at Hull City to rejoin Leicester in November 2011.
In his first stint at the club, Pearson guided City to promotion into the Championship as 2008/09 League One champions.
The following season, Leicester were on the verge of back-to-back promotions under Pearson, finishing fifth in the Championship, but lost to Cardiff in the play-off semi-finals.
However, he had a strained relationship with the then club chairman Milan Mandaric and departed in June 2010.