Foxes coach Chris Powell believes Pancrate's performance in Leicester's 3-1 friendly win over Peterborough United as "eye-catching".
The 30-year-old former Paris St Germain and Newcastle United winger played the whole game and was man of the match.
Leicester boss Eriksson said he would make a final decision on Pancrate today.
AN EARLIER ARTICLE ....
Leicester have handed a trial to Fabrice Pancrateas Sven-Goran Eriksson looks to bolster his squad.
Pancrate is available on a free transfer after being released by Newcastle at the end of last season.
Eriksson: "Pancrate is a very quick winger.
"Talks are going on with him so we will see what happens, but something must happen rather soon."
We thought we were onto a star when he scored that goal against Watford in his full debut (having come on as sub for Danny Guthrie in the previous game).
But although he was involved right to the last game of the season of the promotion season, Chris Hughton decided he was not worth the risk of a full contract.