Iheanacho was released by Leicester earlier this summer after scoring 61 goals in 232 competitive appearances during his seven-year stay with the Foxes.
Having spent his entire senior career in England, the former Manchester City man is now on the verge of completing a move to La Liga.
According to Sky Sports, Iheanacho has verbally agreed to join Sevilla, with a medical scheduled to take place on either Tuesday or Wednesday.
The Nigeria international will be tasked with filling the void left by Youssef En-Nesyri, who recently completed a move to Turkish giants Fenerbahce.
The striker is set to become Sevilla's fifth signing of the summer following the arrivals of Peque, Chidera Ejuke, Albert Sambi Lokonga and Saul Niguez.
Girona agree deal to sign Tottenham's Gil
Staying in Spain, Girona have reportedly reached an agreement to sign Tottenham Hotspur winger Bryan Gil on a loan deal.
Gil has been unable to establish himself in the Tottenham side, having made just 43 appearances since joining the club from Sevilla in 2021.
After finding game time hard to come, Gil returned to his homeland for loan spells with Valencia and Sevilla in 2022 and 2023 respectively.
According to journalist Fabrizio Romano, Girona have agreed a deal with Tottenham to bring Gil back to Spain for the 2024-25 campaign.
Before joining the Catalan club, the winger will sign a new Spurs contract which will include a €15m (£12.7m) release clause.
While Girona will be given first refusal, the Tottenham man will still have the final say on any potential transfer.
Gil will join a club that competing in the Champions League for the first time following their third-place finish last season.
Moukoko wants to leave Dortmund
Meanwhile, the agent of Borussia Dortmund forward Youssoufa Moukoko has revealed that his client wants to leave the German club this summer.
Speaking to Fabrizio Romano, Moukoko's agent Patrick Williams said: "Youssoufa has a huge potential, which unfortunately he couldn't show last season. I think the fact that he scored five goals in 613 minutes says everything about his quality. Few players in the Bundesliga have such a rate."
The Germany Under-21 international started just four league games in the 2023-24 campaign, and Williams believes the lack of playing time will affect Moukoko's market value.
Williams added: "It's not a secret that there are enough clubs out here who believe in Youssoufa's qualities and want him in their team.
"I say BVB is making a mistake in giving Youssoufa away. With so little playing time, everyone will know that Youssoufa's market value will be low and Dortmund can't expect much.
"We wanted it to be different, but that's the football business. Youssoufa is totally clear in his mind, extremely focused and knows what he wants to drive his career forward. Now we are sounding out interest from England, Spain and France."
If Moukoko were to leave, Dortmund are unlikely to sign a replacement, having already recruited Serhou Guirassy from Stuttgart this summer.