The 30-year-old, who spent four years on the south coast, captained Southampton during the 2010/11 season as they won promotion from League One to the second tier.
However, since the club's arrival in the Barclays Premier League, Hammond has found first-team opportunities hard to come by and, following a loan spell with Brighton last season, he will now try to kick-start his career once more with the Foxes.
A statement on Saints' official website read: "Southampton Football Club thanks Dean for his dedicated service during his four years at St Mary's, and wishes him the very best for the future."
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