Leicester paid Manchester City £25 million to sign Iheanacho last summer (the Sun), but have seen little reward so far.
The Nigerian, who boasted one of the best strike rates in the Premier League before his move to the King Power Stadium, has only scored once in 13 Foxes appearances.
The Sun reported earlier this week that Leicester are ready to cut their losses this month, and credited both Newcastle and Stoke with past Iheanacho interest.
According to Bet Victor, who updated their transfer specials list on Wednesday, Newcastle or Stoke are the 21-year-old's most likely destination, alongside Turkey's Besiktas, at 4/1.
West Ham United are also considered contenders for his signature at 6/1, with Southampton, Bournemouth, Watford, Crystal Palace and West Bromwich Albion listed at 8s.
Could Newcastle United / Stoke City make moves for Leicester's Iheanacho this month?