Ward, meanwhile, becomes Leicester's fourth signing of the summer transfer window after the arrivals of Ricardo Pereira, Jonny Evans and James Maddison.
Speaking to LCFCTV after penning a four-year deal, Ward said: "I'm delighted to be here and I'm really looking forward to the future with this football club".
He also earned his first start for Wales and third cap overall in his nation's opening game of Euro 2016, a 2-1 victory over Slovakia, deputising for Wayne Hennessey. Danny Ward could prove to be a spectacular signing for Leicester City.
While Belgium keeper Simon Mignolet wants to sit down with Klopp on his return from holiday to discuss his future at the club.
"I'm very happy to welcome Danny to Leicester City Football Club", the manager said.
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Ward joined Liverpool from hometown club Wrexham in 2012 but only mustered three first-team appearances during his time at Anfield.
In the 2016/17 campaign the goalkeeper was on loan at Huddersfield Town and helped the Terriers to win promotion to the Premier League.
And that now looks like becoming reality, with reports Liverpool accepting a bid in the region of £10million from the former Premier League champions for Ward, who will compete for the Foxes number one jersey with Kasper Schmeichel.
Ward will link up with his new team-mates on Monday for the week-long trip to Austria, where they will face games against Turkish side Akhisarspor and Serie A side Udinese as the squad step up their preparations for the 2018/19 season.
Liverpool and Wales forward Ben Woodburn is set to travel with Liverpool for their pre-season tour to the US, despite loan interest that includes Norwich City.