Islam Slimani joins Lyon as Atletico Madrid sign Moussa Dembele

Lyon have signed Leicester striker Islam Slimani to replace Atletico Madrid-bound Moussa Dembele.

Slimani, 32, has signed an 18-month contract at Lyon after the Ligue 1 club agreed the loan of former Fulham and Celtic forward Dembele to Atletico until June 30, 2021.

Lyon said in a statement that the loan deal worth 1.5 million euros is accompanied by a purchase option set at 33.5 million euros.

On top of that there may be added incentives up to five million euros, as well as a sell-on fee of 10 per cent on a possible future transfer.

Dembele, 24, joined Lyon from Celtic for 22 million euros in August 2018 and is under contract until June 2023. He has scored 45 goals in 108 games for the Ligue 1 leaders.

Slimani joined Leicester from Sporting Lisbon in August 2016 for a club-record £29m fee.

The Algerian international scored 13 goals in 47 appearances and spent loan spells at Newcastle, Fenerbahce and Monaco during his time with the Foxes.

Slimani made one Leicester appearance this season, coming on as a substitute in October's 1-0 Premier League home defeat to Aston Villa.