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A deal to take the Manchester City striker to the King Power Stadium was expected to be announced by now.
Pep Guardiola explained earlier this month that Iheanacho was omitted from the squad to the United States in order to complete a move away from the club.
Nearly two weeks on and as the players prepare to return to Manchester, the Nigeria striker has still not secured his exit.
I think Kelechi is going to leave for Leicester. I think so, but I don’t want to say something wrong. If it doesn’t happen he will be part of the group,” Guardiola was quoted as saying on Sunday.
Iheanacho’s departure in a move that could reach £25m would be the most significant outgoing this summer.
Meanwhile, Leicester midfielder Wilfred Ndidi has vowed the side will improve before the Premier League season begins – but the Nigerian says they have “many things” to refine and only two more warm-up matches in which to do so, according to Leicester Mercury.
The Foxes were second-best throughout their 1-0 defeat to Wolves on Saturday, although much of the focus was on building fitness before the trip to Arsenal on August 11, there were concerns among supporters over their performance, the poorest of their five pre-season fixtures so far this summer.
However, Ndidi believes City will only get better and the players will hope to instil optimism in the fans at Burton on Tuesday and at home to Borussia Monchengladbach on Friday.
“We are quite sad because although it is just pre-season, we have to look at our mistakes,” said Ndidi. “It will only get better. (the summer has) been great, we’re training hard.
“We’ll look at our mistakes and continue to prepare for this coming season.
“We just need to keep working and focus.
“So many things (need to improve), because as the pre-season is going, the fitness levels and the energy need to be on the right track.
“Everybody needs to be at their best. It’s been okay, the fitness level is coming up. We hope before the start of the season everything will be okay.”