The goalkeeper has spent the season on-loan with Stoke City.
The Potters have announced Iversen, together with Ki-Jana Hoever, Luke McNally, Luke Cundle and Sead Hakabanovi, will return home to their respective clubs after their loan agreements expire.
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Iversen was loaned to Stoke in January, after compatriot Mads Hermansen moved ahead of him as first-choice keeper at Leicester.
Iversen has a contract with Leicester until 2025.