The 20-year-old is out of contract this summer and his current manager Mark Robins has previously told the Coventry Telegraph it was "50/50" if Thomas would stay with the Sky Blues or make a move.
Coventry manager Mark Robins
However, it seems that the youngster will indeed leave the League Two club and the Foxes are ready to pay the £500,000 that Coventry want as compensation for the attacker - which they are owed due to the fact he is under 24-years-old.
Swansea City had been the previous favourites to sign Thomas, but chairman Huw Jenkins refused to pay so much for someone who has never played any higher than League One level.
Newly promoted Premier League duo Brighton and Hove Albion and Newcastle United had also shown interest, but never acted on it with a formal bid.
Now Leicester - who made an initial offer of £300,000 at the start of July - will return for Thomas this week when they get back from their pre-season tour of Hong Kong. Once signed the forward is likely to be loaned out.
Coventry's George Thomas celebrates scoring their second goal