The former England youth international departs for the King Power Stadium after a 19-year spell in North London, having joined the Lilywhites academy at the age of five.
Skipp progressed to make 106 senior appearances for Tottenham in all competitions, scoring one goal and setting up two more as he earned the trust of Mauricio Pochettino, Jose Mourinho and Antonio Conte.
The midfielder made another 24 appearances in all competitions last season, but he was never a first-choice player under Ange Postecoglou, who has preferred Yves Bissouma, Pape Sarr and Rodrigo Bentancur in the engine room.
On the back of a 2023-24 season in which he started just five Premier League matches, Skipp has joined Leicester for a fee in excess of £20m, and the deal could reportedly fetch up to £25m with add-ons included.
Skipp opens up on "feeling of warmth" at Leicester
Skipp has agreed a five-year deal with the newly-promoted Foxes until the summer of 2029, and Tottenham will reportedly retain a sell-on clause as part of the agreement.
"I'm really excited to sign. I've got the feeling that it's a good group of people and a good group of players. I'm sure that we've got a squad capable of challenging in every game," Skipp told the official Leicester website.
"You look around the squad and there's lots of exciting players who have played in the Premier League and I'm really excited to see what this group can achieve. I had conversations with the people here and they gave me a feeling of warmth and that they were excited to have me on board.
"As a player, when you feel that excitement, that's something you can use to develop your game. The staff here know me as well - Steve [Cooper], I have worked with at England so there's definitely a good relationship there and I'm keen to push on and show what I can do."
The 23-year-old has become the 13th player to leave Tottenham either on loan or permanently this summer, but only the fourth to go for a fee after Troy Parrott (AZ Alkmaar), Joe Rodon (Leeds United) and Emerson Royal (AC Milan).
Will Skipp make Leicester debut against Tottenham?
Skipp's switch to Leicester was confirmed just a few hours before the Foxes take on Tottenham in their opening Premier League match of the season, as they welcome Postecoglou's men to the King Power Stadium for the Monday evening kickoff.
However, the Foxes have confirmed that Skipp will not be available to make his debut against his old team tonight and will instead be targeting a first appearance against Fulham on August 24.
As the season progresses, the former England youth international could form a crucial part of the Leicester engine room alongside another ex-Tottenham man in Harry Winks, who should start Monday's fixture.
The visitors are also expected to hand a full competitive debut to Dominic Solanke, but one of their other summer signings is reportedly set to miss the clash with Leicester as he awaits a work permit.
Bissouma - banned for filming himself inhaling laughing gas - is also absent for Tottenham, while Leicester strikers Jamie Vardy and Patson Daka are out through injury for the hosts.