Deal completed: Several reports this afternoon indicate that the Ipswich Town  have formally finalized the signing of Southampton outstanding attacking midfielder  to a £38.7 million, three-year contract, following extensive deliberation and negotiation.

Southampton set to miss out on ‘top professional’ with star ‘close’ to joining Leicester City

Southampton may have to consider alternative options as an experienced target looks set to join fellow promoted side Leicester City instead.

Russell Martin has been keen to use the free agent market to sign much-needed Premier League experience with minimal spend this summer.

That has seen 36-year-old Adam Lallana and 30-year-old Charlie Taylor both make the move to Southampton for free; the pair having a combined 452 Premier League appearances between them.

This strategy looks set to continue with Saman Ghoddos expected to join following the end of his Brentford contract and Newcastle United keen to facilitate Ryan Fraser’s move to St Mary’s.

• READ MORE: Ryan Fraser transfer detail emerges after Southampton agree deal with Newcastle United

However, the club are now about to miss out on another experienced Premier League free agent who would have added real versatility to Martin’s squad.

Southampton target Bobby De Cordova-Reid set to sign for Leicester City

That player is Bobby De Cordova-Reid, the 31-year-old who has turned down a new Fulham contract after five years at the club.

It was reported a fortnight ago that Southampton were ‘exploring a move’ for the Jamaica international ahead of the club’s return to the Premier League.

However, the forward now looks set to join last season’s Championship winners Leicester City instead.

That is according to The Telegraph, who have exclusively revealed that: ‘Steve Cooper is close to making his second signing at Leicester City with the capture of former Fulham forward Bobby De Cordova-Reid’.

The report goes onto state that the attacker will undergo a medical in the next 24 hours, with the player agreeing to join the Foxes ‘despite a number of rival offers from Premier League clubs’.

Russell Martin misses out on ‘top professional’ in De Cordova-Reid

When you consider that De Cordova-Reid has played as an attacking midfielder, winger, striker and even right-back in the Premier League for Fulham it is easy to see why Martin was keen on the Jamaican.

• READ MORE: Southampton ‘interested’ in £40m star who Sir Alex Ferguson compared to David Beckham

He was a regular under Marco Silva at Fulham last season, playing 33 times in the league and scoring six goals.

However, despite Fulham’s best efforts, De Cordova-Reid opted not to sign a new deal and will now head to Leicester.

Speaking after De Cordova-Reid followed up a goal against Arsenal with an FA Cup strike against Rotherham United in January, Silva’s comments demonstrate why a number of clubs were keen to sign the former Bristol City man this summer.

Silva said: “He deserves it because he’s a top professional, he’s a vocal guy and one of the great examples we have at the club in terms of focus, able to play in any position and he’s always there.

“He deserves all the credit and he deserves these good moments and good weeks.”

Whilst De Cordova-Reid’s signing may not have got Southampton fans too excited, it could have proved to be a really shrewd addition ahead of a top flight return.