The 24-year-old was named in Fernando Santos' Portugal World Cup squad on Thursday after helping his club win the league title in his first season since returning from a two-year loan spell at French club Nice.
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Leicester sign defender Ricardo from Porto
Premier League side Leicester City have signed Portugal defender Ricardo Pereira from Porto for a fee that could rise to 25 million euros ($29.5 million), the Portuguese champions announced on Saturday.
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"Our champion Ricardo is going to Leicester City FC, best wishes," Porto said on Twitter.
Ricardo, speaking to LCFC TV, said: "I feel very happy to be here and I can’t wait to do my best to help the team. The atmosphere, the fans and the football of the Premier League makes it the best in the world.
"I am here to support the team and to help the club to achieve its goals," he added.
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Leicester manager Claude Puel welcomed the Midlands club's new signing by saying: "I'm delighted to have a player of Ricardo's quality on board for next season, I remember him well from my time at Nice."
Leicester finished ninth in the Premier League last season.
Earlier, in a statement posted on the website of the Portuguese stock exchange authorities, Porto said a 20-million-euro fee with possible bonuses had been agreed.
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