Claudio Ranieri is reportedly interested in bringing the former Manchester City midfielder to the King Power Stadium.
The report also indicates that there will be an incentive for the Dutch international in the form of a £1 million bonus if he helps the Foxes reach the Champions League this season.
They would certainly be signing a player with Premier League experience in De Jong, who has won the Premier League title with Manchester City, as well as played in the World Cup final in 2010 - where the Netherlands lost out to Spain in South Africa.
After a terrific first half to the season, which sees Leicester sitting two points off the Premier League summit after 20 games, there is a real chance the Foxes could be in Europe's premier competition next season.
De Jong hasn't seen much game time this season, with the 31-year-old only making six appearances in all competitions so far this season, with Gokhan Inler said to be unhappy with the game time he has had at the King Power Stadium so far this season.
That element of experience and fight in the middle of the park will certainly add something to Leicester in their fight to keep pace with the league leaders, and even though it may just be a small fee, it does show the ambition the club currently has.