The 21-year-old reserve team vice-captain will sign for Nigel Pearson's side on Tuesday in a loan deal until the end of the season, and could make his home debut against Reading on Wednesday.
Spearing will team up with another former Red Jack Hobbs at the Walkers Stadium.
The Foxes are currently fourth in the Championship and eight points clear of the play-off chasing hopefuls.
The Reds No.26 made his first-team debut in December 2008, against PSV Eindhoven in the Champions League and also made a memorable appearance during the 4-0 victory over Real Madrid at Anfield.
http://www.liverpoolfc.tv/news/latest-news/starlet-set-for-foxes?Finally he gets the chance to gain some experience at a senior level.