The midfielder will join on a free transfer once his contract with Aston Villa expires at the end of next month, ending a long association with the West Midlands club, with whom the 24-year-old had spent his entire career.
Speaking exclusively to LCFC.com, the winger said: “I’m absolutely thrilled to be joining. Everything about Leicester City is moving forward at the moment and it’s going to be a great Football Club to be a part of.
“It was a great 16 years for me at Villa and I had some really wonderful times there that will stay with me forever. I’m coming away now with my head held high and really looking forward to this fresh challenge with Leicester. I just can’t wait to get going.
“I’ve spoken to the manager and I know he has big plans, so I just can’t wait to get started and be involved. Before I joined I spoke to a few people and nobody had a bad word to say about the manager or the Club, so I’m delighted to have everything agreed for the new season.
“I’ve watched some of Leicester’s games over the last season and the lads have really played some great football. It’s incredible what they have achieved, and they’ve deserved every bit of their success.
“Now I’m looking forward to getting involved myself. I’m a direct player who is very positive with the ball and who likes to cross. All strikers say they like crosses in the box, and they can guarantee that I’ll be doing that for them.”
A product of the youth academy at Villa Park, Albrighton burst onto the scene in 2009 when he made his debut in a UEFA Cup tie against CSKA Moscow, and has since appeared a further 100 times for the club.
Of those 101 appearances for Villa, 86 have come in the Premier League, which will be a bonus for the Foxes as they look retain their top-flight status after a 10-year absence.
The tricky and pacey wide man scored seven times in the league for Villa during his spell there - the first coming in a 2-1 defeat against Spurs and White Hart Lane in October 2010.
Last season Albrighton enjoyed a four-game spell on loan with Championship side Wigan Athletic between October and November, before returning to Villa Park and playing his way back into Paul Lambert’s side for the remainder of the campaign.
The former England Under-21 international played his final game in claret and blue at Villa Park on 3 May, when he set up Ashley Westwood for the opening goal just 57 seconds into a 3-1 victory over Hull City.