The report states Leicester have triggered Evans' £3 million relegation release clause and the defender has agreed personal terms.
Evans is one of the bargains of the summer already and several teams will end up kicking themselves for not taking up the option to sign him.
Southampton supporters have been debating the potential missed opportunity, with opinion split on whether new manager Mark Hughes should have made the move.
£3.5m for a player of Jonny Evans ability, experience and commanding presence is beyond a bargain for Leicester. His wages might have been high but his release clause was low enough to justify it, even on a short term contract. #SaintsFC #AnotherMissedOpportunity— Scott Winter (@ScottWSFC) June 6, 2018
I’m not saying that everyone wants him but we could have easily signed Evans for 3.5mil. A good experienced defender that we need in our defence. Again, Les Reed does nothing! #SaintsFC https://t.co/j3Wwomiw6h— Gaming suggestions (@HasMoPeGoneYet) June 6, 2018
Assume Evans will get a massive signing on fee and his wages will be higher than they would would of been at https://t.co/FqNe9s6l19 prob not the bargain it looks. But solid , can’t see us finishing above them next year. Hope I am wrong #saintsfc— 1885theartof (@1885theartof) June 6, 2018
£3.5m for Johnny Evans?!? #saintsfc really missed a trick there, needed a leader at the back to organise the others— Sam Weber (@webesa) June 6, 2018
Evans will be playing under former Southampton boss Claude Puel, who is under pressure at Leicester to prove the club were right to keep him in his role.
Southampton sacked him last summer and nearly paid the price as they were sucked into a relegation battle which it seemed at one point was inescapable.
Their record last season showed defence is an area they have to improve, and there won't be many better bargains out there than Jonny Evans.
It is too early to judge whether it is an error or not, but new boss Mark Hughes will have to have some smart alternatives lined up.
Have something to tell us about this article?