The Algerian star has proved too expensive for the Foxes.
The playmaker scored the winning goal for France with a strike that Premier League fans have seen on numerous occasions this season.
The Liverpool midfielder was in impressive form in Wales' Euro 2016 opening win.
The Turkish international is set to sign a four-year extension after Euro 2016.
Ibrox side Rangers will meet Celtic for several Old Firm games next season, and Joey Barton has made them a lot more interesting.
England drew 1-1 with Russia in their first match of Euro 2016.
Arsenal will target the PSG striker if their move for Leicester City's star falls through.
Aurelio De Laurentiis has admitted that Napoli target Piotr Zielinski is set on a move to Liverpool.
Speculation has mounted that Liverpool and Southampton could do some business this summer.
The Dutchman believes that the Scottish Premiership title should not be at the top of the Hoops' list of priorities.