Arsenal are prepared to sell Kieran Tierney at the end of this season.
The Daily Star says the Foxes have identified Tierney, 22, as the perfect replacement for Ben Chilwell should the England ace leave the King Power Stadium.
Chilwell has been heavily linked with a move to Chelsea as Frank Lampard looks to bolster his ageing squad.
It has been stated that Leicester boss Brendan Rodgers would love to reunite with the ex-Celtic star.
The 2016 Premier League champions would be prepared to offer Arsenal £25million for Tierney - the same price the North London paid the Hoops for his signature last summer.