EPL champs splash out for Slimani

English Premier League champions Leicester City have paid a club record fee for Sporting Lisbon's Algeria striker Islam Slimani just hours before the closure of the transfer window.

The player has moved for an initial $A44.5 million with a further five million in add ons, Sporting said on their website.

That fee eclipses the fee the Midlands club paid for Nigerian forward Ahmed Musa last month.

The 28-year-old Slimani has joined Leicester on a five-year deal, said a statement on City's website.

"To join a team like Leicester City is a huge honour and I can't wait to get started," said Slimani.

"I've always wanted to play my football in the Premier League and to get the opportunity to do that with the reigning champions was something I simply could not turn down."

Slimani had been given permission to leave the Algeria squad preparing for Sunday's African Nations Cup tie against Lesotho to have a medical with Leicester.

He scored 27 goals for Sporting last season, having moved to the Portuguese side from CR Belouizdad in his homeland in 2013.

Leicester, who have begun their title defence with a win, a draw and a defeat, next visit Liverpool on September 10.