Iheanacho, 23, linked up with the Foxes from Manchester City in a big money move in 2017.
The versatile forward has however failed to secure regular playing berth under Brendan Rodgers.
The arrival of Ayoze Perez from Newcastle United last summer further limited his playing time at the club.
Iheanacho still managed 10 goals in 26 appearances across all competitions in the just concluded season, but Leicester City want to sell him in order to fund their pursuit of Celtic striker Odsonne Edouard.
Edouard scored an impressive 21 goals and made 12 assists in 27 league appearances last term and has also attracted interest from Arsenal, Leeds United and Everton.
Iheanacho is bound to have suitors and has already been linked with a move to Newcastle United, West Bromwich Albion and Aston Villa.
By Adeboye Amosu
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