Serbian-born American Preki won 28 caps for the US football team after acquiring US citizenship in 1996.
He spent two years at Goodison Park after being signed by Howard Kendall in the summer of 1992 and made 25 starts for the Toffees, scoring four goals.
He then moved to Portsmouth for £100,000 but spent just one season at Fratton Park.
Preki spent the majority of his career in America, playing for indoor side Tacoma Stars and Kansas City Wizards in Major League Soccer.
He has managed Chivas and Toronto in the MLS and was named MLS Coach of the Year in 2007.
Leicester sacked manager Nigel Pearson last month after a breakdown of the relationship between him and the club's board, with the sacking of his son for his involvement in a racist sex tape in Thailand thought to be a contributing factor.