Leicester City signs Ricardo Pereira from Porto for €20M

The Foxes have finalised their first summer signing.

Leicester City signed touted Portuguese right-back Ricardo Pereira from Porto for a €20-million transfer fee, the Portuguese club confirmed Saturday. The fee could rise to €25 million, however, if certain undisclosed conditions are met.

According to a Leicester City statement, Pereira signed a five-year deal with the 2015-16 Premier League champions and will officially join the club on June 9 when international transfer clearance is received.

Leicester City has reportedly had its eye on Pereira for a number of weeks. The move reunites the 24-year-old with manager Claude Puel, who oversaw the winger-turned-full-back during his two-year loan spell at Nice.

"I'm delighted to have a player of Ricardo's quality on board for next season," Puel said. "I remember him well from my time at Nice."

Pereira was recently named to Portugal's final 23-man squad for the World Cup and is expected to vie with Southampton defender Cedric Soares for the starting right-back role.