The centre-back has struggled for regular football this season.
Leicester City recently allowed Andrej Kramaric to depart the club after he failed to cement himself a place in the first-team at the King Power Stadium. It is now being reported that they might allow another talented player leave after minimal impact - with two Italian giants in the hunt.
Both teams are looking to bring him in on loan with a view to a permanent deal.
Benalouane has previously played in Italy with Cesena, Parma and Atalanta - from whom Leicester plucked him away in the summer for a deal reported by ESPN to have been in the region of €8 million (£6 million).
However the former French under-21 international has struggled to make an impact at Leicester.
He has played just nine times this season with only four of those appearances coming in the Premier League.
He has struggled to dislodge the impressive Robert Huth and Wes Morgan from the Leicester back-line and that has seen languish on the sidelines for most of the season.