The Italian has been impressing on loan at SPAL from Torino.
General view inside the King Power Stadium before the match
The 20-year-old is on loan at the club from Torino and has put in a string of impressive performances as the club battle for promotion to the Italian top-flight.
The same report also claimed that West Ham United were also interested in making a move for the player.
His agent, Michelangelo Minieri, has now been talking to TuttoMercatoWeb about his decision to remain in Italy. He stated:
"Yes. It has recently arrived renewal with Torino. Now the goal is to get the most with Spal and then to be able to prove himself even to Turin.
"He had a high yield and there were a lot of attention from clubs A. Proceed to Turin was still the best solution. He will return to the base after gaining experience."
General view inside the London Stadium
Bonifazi has had a brilliant season at SPAL and will have his eyes on a long-term career in Serie A.
As for Leicester and West Ham? They will need to move on to other targets as Bonifazi prepares for a season at Torino.