Benfica, who are reported to want £12million in return for 31-year-old Cardozo, are expected to be in London today to discuss a possible move.
Cardozo admitted earlier this month he could leave the Portuguese champions, and has been linked with moves to Lokomotiv Moscow and Rubin Kazan of the Russian Premier League as well.
In an interview with Izvestia, Cardozo said: “There is a strong league in Russia. Everyone can see that Russian clubs have signed fine players, many of whom I know.”
But a move to Leicester makes sense, as they will be moving into the Premier League next season after finishing as Champions of the Football League Championship last term.
In order to do so, however, they will need to add more firepower up front, and a player like Cardozo is the kind of tall, physical striker who can dominate opposing defenders.
They have already been active in the transfer market this summer, with former Aston Villa winger Marc Albrighton, who signed a four-year contract, their biggest of five signings.
Leicester are also said to be interested in Cardiff’s Frazier Campbell and Excelsior’s 6ft 5in Lars Veldwijk, both of whom are strikers.