The 30-year-old, signed for £4million last August by then manager Roy Hodgson, played just 18 matches for the Reds after struggling to settle after his move from Fulham.
Hodgson's departure and Kenny Dalglish's arrival in early January effectively signalled the end of the left-back's Anfield career as he was immediately loaned out to Championship side Nottingham Forest. He returned to pre-season training with the Reds but was told he was surplus to requirements and has now been moved on, for a reported fee of £1.5million.
"Liverpool have today finalised a deal to sell Paul Konchesky to Leicester City," said a club statement. "The 30-year-old will now join the Championship outfit for pre-season."
Source: PA