The Foxes sacked Wise following a pre-season tour incident in which team-mate Callum Davidson suffered a fractured cheekbone

A Football League ruling that Leicester could not terminate the 35-year-old's contract prompted an appeal by the Foxes

The Football League's Disciplinary Committee will make a final decision next week.

The former England international would be entitled to the remainder of his �3m, two-year deal if the Foxes terminated his contract.

But a report in the Daily Express newspaper claims that Wise is willing to accept a figure of �500,000 to quit the Foxes so that he can resurrect his career at Watford.

The former Chelsea midfielder has been training at Vicarage Road since being banished by his club.