Aston Villa are interested, but appear to face an uphill battle trying to land the winger.
The Sun suggests that West Bromwich Albion are in pole position in the chase for the 23-year-old and could complete a £12m deal for the utility man during the January transfer window.
Leicester City's Jeffrey Schlupp in action with Swansea's Wayne Routledge
However, Steve Bruce's men seem keen to try and sabotage that potential move by trying to tempt the Ghana international to move into the Championship.
While the Baggies' form in the Premier League may make them the more appealing option, Schlupp would surely be forgiven if he decided to consider Villa's bid, should they decide to make a move.
Aston Villa manager Steve Bruce
The wide-man has struggled for opportunities with the champions this term - he has made just four appearances in the top flight this season, including just one start - and with Tony Pulis' men six places higher than the Foxes in the table, he may be concerned about whether he will receive many more chances with the Albion.
However, with Villa currently trying to rebuild for what will surely be an inevitable return to the top flight at some stage in the next few years, Schlupp may feel that the opportunity to establish himself in the second tier may ultimately hand him the best chance to become a regular at the highest level.