Brighton & Hove Albion reportedly want £8 million for Leonardo Ulloa.
Leicester City are considering whether to offer a club-record £7.5 million for Leandro Ulloa after Brighton rejected their fourth bid for the striker.
The club transfer record is currently £5.3 million, which they paid for striker Ade Akinbiyi when he joined from Wolverhampton Wanderers in 2000.
Ulloa is believed to have told the club that he wants to leave, but the move is being delayed as Brighton are holding out for £8 million.
Pearson is in the market for a proven centre-forward for next season when Leicester make the step up to the Premier League.
He considered a move for Sunderland striker Connor Wickham, but the former England Under-21 international is said to be a key part of Gus Poyet's plans for next season.
MailOnline reports that the Foxes could be in for Feyenoord's Graziano Pelle. The 6ft4 Italian scored 23 goals in 28 games for the Eredivisie club last season, and is valued at £8 million.
As well as bringing in a frontman from outside the club, Pearson is looking to lock up Leicester's current strikers to long-term deals. David Nugent has signed a two-year extension, while Jamie Vardy has been offered a new four-year contract.