The Foxes announced the signing of Perez on Thursday, having triggered the Spanish forward’s release clause earlier this week.
Perez becomes the first Newcastle player to leave in the wake of manager Rafa Benitez’s departure at the end of last month.
Magpies chiefs were unable to agree a new contract with the popular 59-year-old, who took charge of Chinese Super League club Dalian Yifang earlier this week.
Perez, who joined Newcastle for just £1.5million from Tenerife in 2014, was the club’s leading scorer last season with 13 goals – and he’ll be sorely missed at St James’ Park.
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