The young left-back is highly rated by the Foxes, making his first team debut earlier this season, and has garnered interest from their Premier League rivals.
Liverpool and Arsenal are chief among those, with both reportedly interested in making a move for him this summer.
Indeed, recent reports have suggested that the Reds were the frontrunners for his signature, with the Mirror claiming that Jurgen Klopp believes they have beaten off the competition from the Gunners for Chilwell.
However, Leicester City are not willing to allow him to go cheaply and rate the left back at £7million plus according to the Telegraph.
Chilwell only has a year left on his current deal, but the Premier League champions are not eager to cash in on their young starlet.
Instead, they are willing to allow him to run down his contract should he continue to stall on a new deal and take their chances in a tribunal in 12 months time.