The 32-year-old had been training with the Tigers at their pre-season camp in Portugal but left on Sunday after the Foxes matched the Championship club’s asking price.
The Switzerland international is now said to be on his way to Hong Kong to link up with Leicester, who are in the Far East preparing for the start of the Premier League Asia Trophy.
It is unclear whether the transfer will be completed in time for Jakupovic to feature in Wednesday’s clash with West Brom, but it appears almost certain he will become Leicester’s third signing of the summer.
The 2015-16 Premier League champions have already signed Harry Maguire from Hull and also Sevilla captain Vicente Iborra.
Jakupovic is unlikely to be the last new face in the squad for next season.
Javi Gracia said it was always going to be an uphill battle for Watford after conceding so early against Liverpool on Saturday.
Schalke 04 boss Dominico Tedesco paid tribute to goalkeeper Ralf Fahrmann after his 76th-minute penalty save proved crucial in a 1-0 win over Wolfsburg.
Mattia De Sciglio stunned that Juventus were shocked to be held to a goalless draw with SPAL on Saturday.
Sunderland have suspended midfielder Darron Gibson with immediate effect after he was charged with drink driving.
Jose Mourinho's recent bad frame of mind was still present despite Manchester United beating Brighton 2-0 at Old Trafford on Saturday, a result that puts them into the last four of the FA Cup.
Mohamed Salah continued his astounding goalscoring form on Saturday, hitting four goals as Liverpool thrashed Watford 5-0 at Anfield.