The free agent could be set for a speedy return to football.
The 26-year old is a free agent after being released by Inter this summer and is believed to have held talks over a move to the Foxes.
Claudio Ranieri dismissed the notion that a deal for the midfielder had been agreed last month – again reported by the Leicester Mercury – but the comments from the former Inter man paint a slightly different picture.
"I'd like to play there and I'm ready to get back into action,” said Schelotto.
"I don't know what stage the negotiations are at with Leicester, but if [Esteban] Cambiasso can do well there, then I'm sure I can too.
"I would never have imagined I'd find myself without a club at the age of 26. Now I'm waiting for a gift - a new club."
The Argentinian-born midfielder – who has been capped once by Italy – joined Inter from Atlanta in January 2013, but never managed to establish himself at the San Siro.
Three loan stints at Sassulo, Parma and Chievo followed before his contract was terminated by mutual consent in August, having made just 11 appearances for the Nerazzurri.
Leicester have made a fantastic start to their Premier League campaign and the acquisition of Schelotto doesn’t seem hugely necessary for Ranieri’s flying Foxes given their current midfield options.