The forward joins the Foxes for a fee in the region of £8 million, after seven seasons in South London.
Ayew made 212 appearances for Crystal Palace, racking up 55 goal contributions as the Eagles established themselves as constants in the Premier League.
Last season, Ayew featured 35 times for Crystal Palace, finding the back of the net on four occasions as the Eagles registered their joint-highest Premier League finish.
Steve Cooper’s Leicester City is Ayew’s fourth English top-flight destination following spells at Aston Villa and Swansea City.
Chairman and co-owner Steve Parish said: “Jordan has been outstanding and selfless in his service for Crystal Palace, both on and off the pitch, not just with his goals and assists, but his all-round play, dedication and willingness to do everything we have asked of him. He has provided a fantastic example to his teammates, young and old.
“We therefore wish him all the very best with the next chapter of his career – he will always be welcome back at Selhurst Park.”
The Inside Word
Jordan Ayew’s exit represents the next step of Crystal Palace’s evolution. Out with the old and in with the new – or so Oliver Glasner hopes.
For £2.5 million, not many signings represent better value in Crystal Palace’s history. Ayew has been mister reliable in South London, missing just two games through injury in seven seasons at the club.
To turn a £2.5 million outlay into £5.5 million profit when Ayew’s best years are already behind him represents exceptional business – almost too good to be true.
Crucially, Ayew’s move to the Midlands frees up considerable cash from Crystal Palace’s exorbitant wage bill.
Crystal Palace will have to dip into the market for an attacker in what is expected to be a busy seven days at Selhurst Park.
Chelsea duo Raheem Sterling and Carney Chukwuemeka are among a long list of potential candidates.
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