The Foxes are one of four sides, along with West Ham, Crystal Palace, and Norwich City, showing an interest in the Championship ace.
Leicester are enjoying a dream season in the Premier League, but not all their players will in turn be looking to stay put in January.
Here are three players Leeds could try to target in a swap deal...
Argentine striker Ulloa has struggled for game time this season, mainly thanks to the superb form of Jamie Vardy. Ulloa is a former teammate of current Leeds loanee Liam Bridcutt, and is a proven goalscorer at Championship level. He has only five Premier League starts this campaign, and he could be a real asset to Leeds if he signs.
The Ghanaian striker hit the headlines by firing in a hat-trick for Leicester in the Capital One Cup earlier this season. Unfortunately the 20-year-old has found chances hard to come by since, and is behind even Ulloa in the pecking order. He had a brief spell on loan with Bury but has since returned.
Tunisian centre-back Yohan Benalouane has not had a happy spell at Leicester since signing in the summer, starting just one league game, with Claudio Ranieri reluctant to change his defence. The Leicester Mercury reported he cost the club £5.6 million, and Leeds would give him a chance to prove himself in English football even if just on a loan deal until the end of the season.