Adam Ounas is set to leave SSC Napoli during this transfer window, with a number of clubs said to be interested in the winger.
The Premier League has been suggested as a possible destination for the 23-year-old, with West Ham initially tipped to make a move.
However, according to Corriere del Mezzogiorno, Leicester City are also keen on Ounas and are willing to offer the Algerian a higher salary than his current contract at Napoli.
The report adds that the Foxes value Ounas below €10m, which is lower than the €15m-€18m suggested when West Ham were in the picture.
Napoli are also understood to be keen on using the winger in a part-exchange deal as they set their sights on signing Nahitan Nandez.
The Cagliari midfielder is believed to be valued in excess of €35m by his club, with Napoli looking to use Ounas in a deal which would drastically lower the fee to around €15m.
While Leicester are willing to pay the player €2.2m which would see the Algerian pocket an extra €700k per-season compared to his deal at Napoli, the Foxes will likely be told to pay up if they want their man.
The winger spent last season on loan at Ligue 1 side OGC Nice, making 16 appearances in the process.
Ounas scored twice and made four goals for his teammates, but the French club took the decision not to activate a €25m option-to-buy clause.
The Algerian put on some good displays towards the end of the campaign, but his loan spell was largely hampered by injuries and fitness set-backs.
Should Napoli be able to agree a player-exchange deal with Cagliari which sees Ounas and Nandez swap clubs, the 23-year-old is expected to demand that the Serie A side matches Leicester's €2.2m per-season contract offer.