The former Barcelona midfielder could be set to play Premier League football for the first time in two years.
With uncertainty remaining about the future of last year's impressive Argentine Esteban Cambiasso, new Foxes boss Claudio Ranieri is looking to raid his old club in order to add some strength in depth in the middle of the park, and see the Spaniard as the perfect low risk option say the Mail.
The central midfielder moved to Stamford Bridge in 2011 as a hugely promising central midfielder that couldn't quite gatecrash Barca's star studded squad.
Despite being just 19 at the time, Romeu featured regularly under Andre Villas-Boas and Roberto Di Matteo in his first season at the Blues, making 24 appearances as the club won both the Champions League and FA Cup.
However, despite making limited appearances the next season, Romeu has failed to be involved at all since 2012, with a knee injury that December interrupting his momentum in West London.
In the two seasons since, the Spaniard has been out on loan at Valencia and Stuttgart, and has not enjoyed the best of times, first struggling for matches at the Mestalla and then being involved in Stuttgart's desperate recent season in the Bundesliga in which they only escaped relegation by two points.
At 23-years-old though, Romeu is still capable of developing and could be a smart, low-risk loan move for Leicester that would likely be available for transfer come the end of the season.
Considering he has managed at some of the biggest clubs in Europe, Ranieri could well seek to exploit his links beyond the loan of the Chelsea man, as the Foxes look to avoid another relegation dogfight next season.