The defender joins on loan from Udinese with the consent of his Spanish parent club Granada and the Foxes have an option to buy in the summer.
Wague joins with last season's champions just two points above
the Premier League relegation zone following their 1-0 defeat at Burnley on Tuesday.
Speaking to the club, Wague said: "I'm delighted to be at Leicester City
and I can't wait to get started. It's a wonderful club and I'm excited
to have the chance to show what I can do in the Premier League with the
champions.
"I've always wanted to play in England so I'm looking forward to
the challenge and to getting to know my new team-mates over the coming
weeks. I'll work hard to get my chance and when it comes I hope to show
that I will give everything to help the team."
French-born Wague has been on loan at Udinese since 2014, having made 37 appearances for the Serie A club.
Subject to receiving international clearance and his
registration being approved by the Premier League and the Football
Association, Molla becomes the Foxes' second addition of 2017 after the
capture of Wilfred Ndidi earlier this month.
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