Manchester United are understood to have reached an agreement with Leicester to sign England defender Harry Maguire for STG80 million ($NZ148 million).
The deal for the 26-year-old is now subject to a medical, the UK's Press Association reports.
Maguire was strongly linked with both Manchester clubs over the summer but Leicester held out for their valuation and will receive a world record fee for a defender.
The deal eclipses the STG75m ($139m) Liverpool paid Southampton for Virgil Van Dijk in January 2018.
It comes after Maguire was left out of the Leicester squad for their friendly against Italian Serie A club Atalanta at the King Power Stadium vernight.
United had made strengthening the centre of their defence a priority at the start of the summer, with the need only becoming more acute when Eric Bailly suffered a knee injury during their pre-season tour of China.
The injury is expected to keep him out for at least four months.
The deal represents a tidy profit for Leicester, who signed Maguire for an initial STG12m ($22m) - potentially rising to STG17m ($31m) with add-ons - from Hull in the summer of 2017.
The Foxes were in a strong negotiating position after the Sheffield-born player signed a new five-year deal in September.
Maguire began his career with Sheffield United before stepping up to the English Premier League with Hull in 2014.
Shortly after joining Leicester he received his first senior England call-up and has since won 20 caps, playing a starring role as Gareth Southgate's side reached the semi-finals of last year's World Cup.
Maguire scored his first international goal in a 2-0 win over Sweden in the quarter-finals.