The Premier League side are reportedly lining up a bid for the 31-year-old, who is out of contract in the summer and has also been linked with Bolton.
The 31-year-old has already been linked with a move to Championship side Bolton Wanderers in January, where he would be reunited with former manager Neil Lennon.
However The Express is reporting that Leicester are weighing up a bid for the former Nottingham Forest star, who could be available for a cut-price fee given his contract situation at Parkhead.
Bolton are thought to be preparing a bid in the region of £350,000 for the Scotland international and while the Foxes are likely to offer more for the ex-Derby County man, the deal could nevertheless represent a bargain for the struggling Premier League side.
Leicester City slipped into the relegation zone over the weekend, following their 0-0 draw with Sunderland at the King Power Stadium.
The Foxes have gone seven games without a win in the Premier League since their famous 5-3 comeback victory over Manchester United back in September.
Their decline has coincided with a loss of form for summer signing Leonardo Ulloa, with the Argentine forward without a goal since finding the net against the Red Devils earlier this term.
Prior to his recent drought the 28-year-old had started well, scoring five times for the Foxes since his move to the club from Brighton over the summer.
Leicester manager Nigel Pearson will therefore be hoping that the addition of a creative attacker like Commons can help inspire Ulloa and his Leicester teammates to turn their form around and recapture the spirit that saw them make a bright start to life back in the top-flight.
The 31-year-old is not the only player to have been linked with a move to the club either, with former favourite Emile Heskey recently expressing a desire to return to the club he helped win the League Cup back in 1997, during an interview with the BBC.