The 21-year-old started off his career playing non-league football for Bedworth Town and Leamington where he enjoyed prolific spells.
He joined the Foxes in May 2012 and made an impression in the club's development squad after notching up six goals in 11 appearances and Northampton manager, Aidy Boothroyd, has confidence in his new signing.
He told the club's website: "I think he will come in and do us a good turn. He is a good finisher, as his record at non-league level and in Leicester's development squad has proved.
"He is good in the air, he can hold the ball up and he is keen to do well.
"All round, he is a good footballer and I am pleased we have been able to bring him in."