The Foxes have had an offer of £1m accepted by Blackpool for the 26-year-old defender, who has been a regular first-team pick this season.
Baptiste moved to Bloomfield Road in 2008 following a stint at Mansfield, where he started his career.
Leicester manager Nigel Pearson has already confirmed he plans to strengthen his squad next month.
And West Brom striker Chris Wood is believed to have agreed a deal in principle to join Leicester in January.
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