The forward has already left his home in Mainz, it is reported, flying into England to clinch a transfer to Leicester.
The Foxes tried to sign Okazaki in January, but his club rejected the advances of Nigel Pearson. This time they have decided to cede to the player's wishes to move.
Mainz like Leicester were in the midst of a relegation battle, but they managed to survive, and are more content to cash in now.
The Allgemaine Zeitung report Leicester will pay €10 million - £7.1 million - seven times the amount Mainz paid to sign him two years ago.
Okazaki is a Japan international with 43 goals in 91 games, having earned his first call-up in 2008. The Mirror had reported in early June that Leicester were likely to resume their interest.
Can he make an impact?
Okazaki's international strike rate suggests so; and the 29-year-old's versatility will also count in his favour, able to play out wide as well as up front.
These strikes have come against sides including Belgium, Argentina, Italy, Mexico, and in last summer's World Cup against Colombia.
He scored 14 goals in all competitions for a struggling Mainz side last season, providing six assists along the way.
The Express had claimed back in the Autumn that he was a transfer target for Liverpool and Arsenal.