Sykes is said to have attracted interest from Celtic, whose manager Brendan Rodgers, is a fellow Ulsterman, and others.
Rovers are said to have scouted Sykes - who has been capped by Northern Ireland's Under 21s - on several occasions and believe with full-time training he could make it in the English game.
However, it is possible that the prospect of working under a fellow Ulsterman, in Celtic boss Brendan Rodgers, would appeal to the player.
Sykes has scored three goals and created as many in 11 league outings this season, and is the latest Ireland based talent said to have caught the eye of Celtic, after former Cork City players Ryan Delaney and Sean Maguire.
Leicester have already added 20 year olds Sam Hughes and George Thomas to their ranks in recent months.
Would Sykes be a good signing for Celtic / Leicester / Blackburn?