However, Leicester have satisified ASSE’s demands with an offer of €35m plus €5m in bonuses.
It was Leicester’s fourth bid for Fofana after Saint-Etienne resisted earlier approaches.
According to Le Progrès, only a few details are left to be settled before Fofana’s move is finalised.
Fofana’s transfer to Brendan Rodgers’ side should be finalised on Wednesday.
The arrival of Fofana ends Leicester’s pursuit of James Tarkowski, who now looks set to stay at Burnley.
In anticipation of Fofana’s exit, Saint-Etienne have identified Bafode Diakite (Toulouse, 19) and Pape Cisse (Olympiakos, 25) as possible replacements.
Saint-Etienne have now officially confirmed an agreement to sell Fofana to Leicester.
The French side also revealed that they will receive the highest transfer fee in club history for the player.
🔴 L’#ASSE a conclu un accord avec @LCFC, actuel leader de Premier League, pour le transfert de Wesley #Fofana. La décision de céder le joueur pour un montant record a été prise de manière collégiale par le Directoire et les actionnaires.
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— AS Saint-Étienne (@ASSEofficiel) September 29, 2020