The Foxes signed the Super Eagles hopeful on a season-long loan with an option to buy him from RB Leipzig inserted into the agreement.
Lookman returned to England after a successful loan spell at Fulham last season but the Cottagers passed up the opportunity to sign him permanently following their demotion to the Championship.
The 2017 U20 World Cup winner is having another impressive loan spell this campaign, scoring five goals and providing an assist in eighteen appearances across all competitions.
It appears the exciting winger is not in the plans of RB Leipzig - having been farmed out on loan for the second successive season.
Asked whether he will make his loan move permanent, Lookman told BBC Sport : "I'm here and I'm at Leicester.
"It's about being in the moment, staying in the moment and not thinking about the future. I need to keep working hard every single day".
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