Ulloa played a key role in Ranieri’s Premier League triumph last season, scoring five crucial goals in the second half of the season.

Swansea have also shown interest in Ulloa over the past 12 months but any deal will be expensive.

Leicester, meanwhile, are expected to loan out £7.5million Poland international Bartosz Kapustka in the New Year.

Kapustka has not made an appearance for the Foxes since signing from Cracovia in August and a number of Championship clubs are hoping to take the winger until the end of the season.