The plans were given the green light by Charnwood Borough Council on Thursday night.
The Enquirer understands McLaren fought off competition from Buckingham, Kier and McLaughlin & Harvey to land the job.
A source close to the project said: “Nothing has been made official yet but we all know that McLaren has bagged this one.”
Futuristic designs for the training centre at the former Park Hill Golf and Fishing Centre site have been drawn-up by architect KSS.
The masterplan includes 12 full-size pitches, together with various smaller pitches and targeted outdoor training areas, including a full-size indoor pitch within a signature building that moulds into the landscape.
A training facility building for the academy and First team players will include medical, tactical, training and dining facilities.
The complex will also include a Sports Turf Academy which will train the next generation of groundspeople and a show pitch with a 499-seat stand to allow under-23s and U18s to play in a ‘match environment’.
The project is being overseen by Leicester City CEO Susan Whelan and Director of Estates and Infrastructure Mags Mernagh.
KSS has been involved in a host of major football projects including Wembley Stadium, Anfield and the Tottenham training centre.