The report claims that Leicester boss Claudio Ranieri wants to give the £15 million-rated forward a second stint in the Premier League following a rather disastrious previous spell at Blackburn Rovers.
The Foxes have Champions League football to look forward to next season and their newfound popularity across Europe makes them an attractive proposition for bigger-named players.
However, so far this summer Leicester have opted against making any big-money deals for stellar names and instead are looking at a similar approach to last summer which brought them so much success.
Kalinic, 28, had a two-year spell at Blackburn between 2009-11 but it was not a successful stint at Ewood Park as he managed a seven goals in 44 Premier League appearances.
He then went on to have mixed fortunes at Ukraine side Dnipro, yet last season he rediscovered his top form in Serie A with Fiorentina as he managed an impressive 12 goals and three assists in 25 starts.
Standing at 6ft 2inch, he is very much a traditional target man and Ranieri arguably sees him as perfect foil for Leicester’s mobile front duo of Jamie Vardy and Riyad Mahrez.
Kalinic is a Croatian international and he spent the past few weeks representing the national team at Euro 2016 in France, yet a 1-0 extra-time defeat to Portugal saw them exit at the first knockout stage.
The report goes on to say that while the Foxes are keen, matching his reported £100,000 per week contract in Florence could prove a major stumbling block for the Premier League champions.