ENGLAND (REUTERS) - Leicester City have signed striker Kelechi Iheanacho from Manchester City on a five-year contract, the Premier League clubs have said.

No financial terms were disclosed, but British media reported that Leicester paid £25 million ($44.6 million) for the 20-year-old Nigerian international and that City had inserted a £50 million buy-back clause into his contract.

He is Leicester manager Craig Shakespeare's fourth signing since the end of last season, following the arrivals of English centre-back Harry Maguire, Swiss goalkeeper Eldin Jakupovic and Spanish midfielder Vicente Iborra.

"It's a great signing for us. Kelechi is an enormously talented player that has shown a huge amount of promise at every level in which he's played," Shakespeare told Leicester's website. (www.lcfc.co.uk)

Iheanacho, who has scored 21 goals in 64 appearances for City, made his senior debut for Nigeria in 2015 and has scored six times in 10 appearances for his country.

While he struggled for minutes after City signed Brazilian forward Gabriel Jesus last season, he was also a target for West Ham United and Shakespeare spoke of his delight in beating Leicester's Premier League rivals to his signature.

"We've tracked his progress for some time, so we know how much quality he'll bring to the squad," the manager added.

"He's young, he's hungry, he's ready for the next stage of his development and I'm delighted that will be with Leicester City."