The Foxes have offered £12 million for his services, according to reports in Italy.
The Foxes are keen to add to their attacking ranks before the end of the January transfer window, to help continue their stay at the top of the Premier League.
They have already seen a move for Sampdoria striker Eder fail, with the player deciding to make a move to Inter Milan instead, as reported by Sky Sports.
And they have now turned their attention to AC Milan striker Niang as an alternative and have made an offer of €16million for his services, around £12.2million, according to Sky Italia.
The forward would be welcome addition to Claudio Ranieri’s squad, with them in need of extra reinforcements in particular.
The pressure is firmly upon on Jamie Vardy to get the goals they need, with the likes of Shinji Okazaki and Leonardo Ulloa only having managed six goals between them in the Premier League.
Niang has been in decent form as well, with two goals and three assists to his name in his ten appearances in Serie A so far this season.