Former Leicester City favourite Frank Sinclair believes the Foxes will need to bid £15million if they are to secure the services of QPR striker Charlie Austin.

Austin, 25, enjoyed a prolific first season in the Premier League with 18 goals despite the R's relegation from the top flight.

Leicester had a £12m bid rejected last month for the burly front man, who is also attracting interest from Chelsea and Newcastle United among others.

Sinclair believes his old side will have to meet Rangers' asking price of £15 million if they are to win the race for Austin.

"QPR will be looking for a bit more after the £12m offer, Chelsea can afford that and I think at the end of the day if Leicester really want him they have to up their bid to the £15m asking price," Sinclair told talkSPORT's Weekend Sports Breakfast.

"It shows where their ambition is. I think Austin is a good player; he is up there with one of the best British players in the Premier League. He certainly deserves to stay in the league with the amount of goals he scored last season.

"You have to buy top players if you want to stay in the Premier League and even without a manger, someone in the boardroom is trying to get things right."