The report suggests that Leicester would only be able to sign the player if they managed to sell before hand which would help fund the move.
Leonardo Ulloa has been linked with a move away from the King Power, after failing to hold down a place in Claudio Ranieri’s squad. Swansea are thought to be interested in signing the former Brighton forward.
The Foxes have failed to recapture the form of last season that saw them win the Premier League, so will want to strengthen in January.
Ranieri has already been boosted by the £15 million arrival of Wilfred Ndidi from Belgian side, Genk.