The 22-year-old is a £20m target for Leicester and the Foxes have hope that the exciting midfielder can continue his impressive development under the management of Claude Puel next season.
Mirror Sport reports that the 2016 Premier League champions have identified Grealish as the ideal number 10 and are excited by the prospect of the youngster playing behind frontman Jamie Vardy.
Following an injury set back at the start of this season, Grealish has been in the form of his life, making 28 appearances for the Villans, contributing three goals and seven assists.
The England U21 ace has picked up several of man of the match awards in recent months and is in the running for the Championship goal of the season award having scored a spectacular volley in last weeks crucial 1-0 victory over promotion rivals Cardiff City.
Leicester's hopes of signing Grealish may depend on whether or not Villa gain promotion from the Championship, the Birmingham-based club are currently sitting in fourth place, four points behind automatic promotion spots.
If Villa do fall short, it is likely that Steve Bruce's side will be forced to cash in on their Grealish - their most valuable asset.