Leicester sign defender Ricardo from Porto

Porto (Portugal) (AFP) –

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Premier League side Leicester City have signed Portugal defender Ricardo Pereira from Porto for a fee that could rise to 25 million euros ($29.5 million), the Portuguese champions announced on Saturday.

The 24-year-old was named in Fernando Santos' Portugal World Cup squad on Thursday after helping his club win the league title in his first season since returning from a two-year loan spell at French club Nice.

"Our champion Ricardo is going to Leicester City FC, best wishes," Porto said on Twitter.

In a statement posted on the website of the Portuguese stock exchange authorities, Porto added that a 20-million-euro fee with possible bonuses had been agreed.