Eriksson was looking to purchase Keane’s international compatriot, Shane Long, but lost out to West Brom, and is now chasing another Republic of Ireland forward.
Keane has had a difficult time in the Premier League in the past few seasons, struggling to recapture the form he showed at past clubs such as Inter Milan, Wolves and Coventry.
The 31 year-old will become Leicester’s 12th signing in this transfer window. Foxes manager, Sven Goran Eriksson noted: “I always said if we can get a striker with a good goal-scoring record, we are going to try.”
The Swede added: “If there is a proven striker who can score 20 goals, then we will work hard to bring him in.”