Los Verdiblancos have been in talks with the Foxes since the start of 2023 in a bid to bring the 29-year-old back to Spain.
Perez has struggled to command a regular place in Brendan Rodgers’ plans this season with just three Premier League starts to his name in 2022/23.
According to reports from Mundo Deportivo, the deal has been delayed due to Real Betis needing to offload players, to free up space on their wage bill.
Perez is expected to join on a six month loan in the coming days, before signing as a free agent when his contract at the King Power Stadium expires in June.
Manuel Pellegrini is keen to bring in Perez to bolster his attacking options as they gear up for a busy end to the La Liga campaign.
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