Leicester City completed the signing of Belgium international Youri Tielemans on a permanent deal on Monday after the midfielder impressed during a loan spell at the King Power last season.

The Foxes will reportedly pay Monaco a club record £40 million ($55 million) to secure the 22-year-old on a four-year deal.

Tielemans becomes Leicester's second big money buy in a week following the signing of Ayoze Perez from Newcastle for £30 million.

"I believe that we have the talent in our squad to achieve something special and for any player, that's an exciting thing to be a part of," said Tielemans.

Leicester saw off interest from a host of other Premier League clubs to secure Tielemans, who scored three goals and provided four assists in 14 appearances during his loan spell in the second half of last season.

"It's an incredibly exciting time for this fotball club and to be able to bring players of Youri's quality here is an indication of the hunger for success we have," said Leicester manager Brendan Rodgers.