The Algeria international joined the Foxes from Sporting CP in the summer of 2016 for a then club record fee of £28m.
However, the 32-year-old has never really lived up to the heights expected of him at the King Power Stadium, amassing just 8 goals in 36 top flight appearances since his arrival.
Pitching up at the club whilst Leicester were Premier League champions perhaps increased expectations on the forward, who has spent time out on loan at Newcastle United, Fenerbahce and most recently Monaco in his four and a half seasons at the Foxes.
Now he is set for a medical at French side Lyon, who have been in advanced talks with Slimani for a while according to their director of football Juninho.
As picked up by Sport Witness, French news outlet Le Progres claim the Leicester man is due to be offered an 18-month deal at Lyon and the Foxes have convinced Slimani to depart the club on a free transfer.