With Liverpool confirming the arrival of Alisson Becker from Roma, it left Ward as fourth-choice stopper at Anfield and having failed to make a single Premier League outing during the most recent campaign.
However, Leicester made their move for the Wales international on Thursday, and while the fee will remain undisclosed, it has been reported that the Foxes will pay in the region of £12m.
Ward told LCTV: "I'm delighted to be here and I'm really looking forward to the future with this football club.
"I've come here to develop my all-round game and hopefully help deliver some more success. The club has had that in recent years and hopefully there's more to come in the future."