It was reported the Norwich City attacking midfielder had attracted a bid of over £20m from Southampton, but it appears Maddison prefers a move to former Premier League champions Leicester - a city close to his hometown of Coventry.
The Sky Sports report states Maddison was set to undergo a medical at the Foxes, now managed by former Saints manager Claude Puel, yesterday.
The fee Leicester are set to pay is thought to be in the region of £24m with add-ons.
If true, this would be an early blow for Southampton manager Mark Hughes as he seeks to build on last season’s disappointing 17th-placed finish in the league.
Initial reports stated that the likes of West Ham, Everton and Fulham were also interested in signing England U21-capped Maddison.