According to Sky Sports, Leicester will pay a whopping £30 million to sign the Spanish attacker from Newcastle.
Perez has been linked with a move away from St James's Park for a lot of the summer, but even fans of the North-East club won't have expected a pay day of that substance.
That is because although the 25-year-old is a good player, £30 million for him is an absolute bargain.
He had an exceptional end to last season under Rafael Benitez, scoring six goals in United's last five games - a terrific return but one that underlines his biggest problem: inconsistency.
Perez scored 12 Premier League goals overall last season, which means that he only scored six in the eight months before he ripped it up across April and May.
Plus, he has only managed to set up nine goals in 143 top-flight appearances for the Tyneside club, scoring 33.
On the whole, it isn't a brilliant return if we're honest and yet Newcastle are about to get the same amount for him as they did for Moussa Sissoko, who has proven himself a fantastic player at Tottenham Hotspur.
Perez is a good player and one who Leicester boss Brendan Rodgers obviously likes, but the Northern Irish manager is paying over the odds and the Magpies should let him.
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