The report claims that an offer of £15 million is being discussed, with the Foxes prepared to stump up an initial £12 million with a further £3 million to be paid in add-ons.
Keane has proven himself to be one of England’s brightest central defenders over the past 18 months, first establishing a first-team spot in Burnley’s side before playing a key role in their promotion.
Michael Keane of Burnley applauds fans at the end of the game
The former Manchester United man has seemingly been identified as the player to bolster Leicester’s defensive ranks, with boss Claudio Ranieri looking to freshen things up at the back.
With regular pairing Robert Huth and Wes Morgan both in their thirties, signing a younger player to compete for a first-team spot is crucial for Leicester ahead of their debut in the Champions League.
The 23-year-old has two years left on his existing deal at Turf Moor, a situation which could force Burnley to sell now as in 12 months time his value will likely decrease even if the club stay in the Premier League.