The 23-year-old was left out of Leicester’s side that faced Hull City on Saturday and is expected to formalise his move to the Hawthorns Monday.
Albion have made three offers for Schlupp with the latest offer revised to include more of the fee up front.
Schlupp, who can play at left-back or left wing played 24 times for Leicester last season.
A single goal from Salomon Rondon was enough to secure the Baggies three points on the opening day of the season, but Tony Pulis is still keen to add options to his squad.
So far this summer, West Brom have only added Matt Phillips to their squad, a £5.5million addition from QPR.