Leicester boss Sven-Goran Eriksson has hailed the "tremendous" signing of Everton striker Ayegbeni Yakubu on loan until the end of the season.
The Championship club have confirmed they have reached an agreement with the Toffees which could lead to a permanent deal in the summer.
The 28-year-old Nigeria international has passed a medical and will be eligible to play for the Foxes as soon as he receives Football League clearance.
He joined the Toffees in an £11.25million deal from Boro in the summer of 2007 but has struggled for regular action this term.
Yakubu has made just eight starts and scored only one goal for David Moyes' side and has now been allowed to make the step down into the second tier.
Leicester boss Sven-Goran Eriksson has hailed the swoop for the striker as a real coup and believes he will be a key player in the coming months.
He told the club's official website: "Yakubu is a tremendous signing for Leicester City. He will bring pace, power and experience to the club.
"He has captained his country, played in major competitions and is a first-class footballer, who I am certain will help us to achieve our aims of moving up the Championship.
"We are delighted that he is joining us until the end of the season and I'm sure that the supporters will enjoy watching him in action."
Yakubu added: "It means a lot to me to be joining Leicester City and to be given this chance.
"When I had the option to come here, I didn't think twice. The manager is one of the greats in football history and to work with him presents a special opportunity for me."