The Foxes have been linked with the Blues star this summer, despite reports stating a deal is not on the cards.
Leicester City boss Claudio Ranieri has touched on Birmingham City winger Demarai Gray in Thursday's press conference with the media, with Sky Sports quoting the Italian calling labelling the youngster a "good player."
However, the former Chelsea boss admitted that the Foxes were not only considering the England Under-20 man.
"I don't speak about speculation, only when a player arrives," Ranieri said, before adding. "There are some good players like him but it is not only him. We are looking around at everything."
Sky Sports went on to suggest that a deal was unlikely to happen this window, with the 19-year-old having only signed a contract in recent weeks. The Guardian had previously stated that Leicester were set to meet the player's release clause with a bid of £4.7 million, but the Birmingham Mail, as well as the Sky report, say this is not the case and Gray "remains a contracted and committed Birmingham player."
The latter report says Ranieri is looking to add wide options to support first-choice wingers Marc Albrighton and Riyad Mahrez, but it may have to be someone other than the St Andrew's star.
Gray was a key member of the Blues side last season, building on his debut campaign to make an impressive 41 league appearances and scoring 6 times.
He has already featured in four matches for Gary Rowett's side this season, who are so far undefeated in the Championship.