BBC Radio Leicester reports the 24-year-old will join the Foxes for a fee of about £6m.
Kante made 37 appearances for the French top-flight side last season, scoring two goals.
If the deal goes through, he will be new manager Claudio Ranieri's first signing for the club.
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Leicester City are set to sign Caen midfielder N'Golo Kante for an undisclosed fee after he passed a medical at the Premier League club.