The Daily Mail is reporting the deal, suggesting that the 24-year old, who is out of contract at Villa Park this summer, has failed to agree new terms and is keen on a move elsewhere.
The former England under-21 international joined Wigan Athletic on loan in October 2013 to regain match fitness, following an operation on his throat, and, after returning to Aston Villa in November, he made 19 appearances. An impressive run of form saw the winger record four assists, including the cross which Fabian Delph turned in to achieve a famous 1-0 victory over Chelsea.
Having secured survival in the Premier League, it appears as if Paul Lambert does not value Albrighton highly enough to agree to his terms, and newly promoted Leicester - who are looking to boost their squad to cope with the trials and tribulations of the top flight - are keen on acquiring his services.
This news comes in a long run of rumoured transfer targets for Nigel Pearson, with the same article reporting on the interest in Charlton's 26-year old goalkeeper Ben Hamer, as well as the previous suggestions of Robert Snodgrass, Ross McCormack and France under-21 international defender Samuel Umtiti from Lyon.
Knowing that Pearson has already started preparing for the Premier League will bring confidence to the Foxes faithful, especially as the club are in talks with Kasper Schmeichel to secure his undoubted ability for at least another season.
David Nugent, Marcin Wasilewski, Lloyd Dyer and Tom Hopper have also been offered new contracts by the club, whilst Sean St Ledger, Zak Whitbread and Neil Danns have been released - with the latter joining Bolton Wanderers at the official expiration of his contract.