The player initially made the move to the King Power Stadium from Sevilla for around €15m and Leicester allegedly want a similar fee to see him return.
The Spanish outlet claims that Sevilla maintain their interest, too, and that has been confirmed by the club's director of football, Joaquin Caparros, who also laid out the other difficulties halting a move.
“Iborra is there. He is a player we know, but it is complicated,” Caparros said, reports the Leicester Mercury.
“When players leave, they do it for an economic reason. When they return, they want contracts of two or three seasons.
“But we have to be careful with all that, because we can end up having a team with a very high average age and that is a problem.”
Given those comments, it does seem unlikely that Leicester will get the fee they want for the 31-year-old.
Iborra has started only twice in the Premier League this season and the prospect of selling him on in January is likely a tempting one as the interest is clearly there from at least one potential suitor.
But the ball is in the Foxes' court now - Sevilla don't sound like they'll make a move unless the fee makes it worth their while, leaving Leicester with a decision to make over what's best for them.
Is getting his wages off the bill more important than having him as a squad player? Possibly, if there's an alternative to sign.
What we do know, however, is that Leicester can give up hope of getting their €15m for Iborra.
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