Leicester City did business with the German side as recently as last summer.
The Czech Republic right back has been a regular for the Bundesliga side, who sit fifth in the standings, this season.
However, he is said to have been watched by Serie A giants Juventus, as they look to 'restyle' their full back positions in 2018.
Leicester's only specialist in Kaderabek's position is Danny Simpson, although centre back Yohan Benalouane can provide cover if required.
Versatile himself, Kaderabek has also been deployed on the right of midfield this season.
The 30-cap international signed a new four year deal at the Rhein Neckar Arena, which contains a €20 million (£17.5 million) buyout clause, only this summer. However, it is possible that he could be available for less than that amount.
Leicester last dealt with Hoffenheim as recently as 18 months ago, selling Croatian striker Andrej Kramaric to Julian Nagelsmann's team.
Meanwhile, the Sun reported on Wednesday that Leicester are 'looking to pounce' on teenage Chelsea midfielder Kyle Scott, who is stalling on a new contract at Stamford Bridge.