0135 GMT August 18, 2022
The 35-year-old Denmark international will undergo a medical with the Ligue 1 club in the next 24 hours after an agreement was reached between the clubs, skysports.com reported.
Speaking at the weekend, Leicester manager Brendan Rodgers admitted Schmeichel would be allowed to end his 11-year stay at the King Power Stadium if he found a new club.
Foxes captain Schmeichel has been a mainstay throughout the most successful period in the club's history, winning the Championship and promotion in 2013-14, the Premier League title in 2015-16, and the FA Cup and Community Shield in 2021.
Nice also recently completed the signing of Aaron Ramsey on a free transfer after his Juventus contract was torn up.