Durham-born Howard says he is happy to drop down a division

Howard has agreed a three-and-a-half year deal after deciding to leave Premier League strugglers Derby.

The striker, 31, has initially moved to the Foxes on loan so he can play in Tuesday's match against QPR.

"Steve and Barry scored a total of 33 goals between them last season, while off the field they are two of the best characters in the game," said Holloway.

"It's fantastic to have them here."

Howard said he had no hesitation in dropping out of the top flight where he has struggled to make an impact this season, scoring just once in 20 appearances for the Rams.

The fee is thought to be in excess of the �1m Derby paid to bring Howard to Pride Park from Luton in July 2006.

"I got a phone call from Derby yesterday morning to tell me that they had accepted a bid," he said on Tuesday.

"When I was told it had come from Leicester I jumped at the chance. It was an easy decision to make in the end."

It doesn't take a genius to work out that he is just the sort of player that we need Holloway on Hayles

Hayles, 35, whi has scored 131 career goals, was given his first chance in league football by Holloway at Bristol Rovers in 1997.

The Leicester manager believes the former Fulham forward will bring some much-needed experience to his attack.

"It doesn't take a genius to work out that he is just the sort of player that we need," said Holloway.

"We have got a lot of young strikers at the club - including Matty Fryatt, Iain Hume, Ashley Chambers, Ricky Sappleton and Eric Odhiambo.