The former Newcastle United man has only been used sporadically by Brendan Rodgers in the 2022-23 campaign, making 13 appearances for the Foxes across all competitions.
Perez has one goal and one assist to show from his efforts in the current season, but he has only started three Premier League games amid competition from Harvey Barnes, James Maddison, Kiernan Dewsbury-Hall and Marc Albrighton.
With Tete also joining on loan from Shakhtar Donetsk, Leicester have allowed Perez to join Betis for the rest of the campaign, and he returns to his homeland nearly nine years after leaving Tenerife for Newcastle in 2014.
Perez spent five years at St James' Park before joining Leicester in a €33.4m (£29.4m) deal in 2019, and the attacker has amassed 15 goals and 12 assists in 114 games for the Foxes since.
Perez formed a part of Leicester's 2020-21 FA Cup-winning team before also clinching the Community Shield later that year, but his contract at the King Power expires at the end of the season.
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