The young Englishman joined from relegated Hull City in a £17 million deal.
The Andalusian club confirmed the transfer of the 29-year-old Spaniard on its Twitter account in a move believed to be worth over $15 million, reports Efe.
Iborra, who can also operate as a forward, has scored 30 goals in 172 games since joining Sevilla from Levante four years ago.
"Iborra has shown exemplary behaviour in his time at the club and has won the unanimous respect and love of all Sevilla fans", Sevilla said in a statement.
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West Ham United were also understood to be interested in the three-time Europa League victor.
"Once the transfer is done, the player will return to Seville to bid farewell to the fans".
Following their incredible march to the Premier League title in 2015/2016, the Foxes battled relegation for much of last season.
Following Sevilla's defeat to the Foxes in the UEFA Champions League Round of 16 last season, many of Sevilla's players made remarks about the atmosphere at the King Power Stadium in the second leg where Leicester sealed their passage to the quarterfinals.
While Iborra could arrive in England this week Riyad Mahrez is expected to leave the club.