The Foxes need an understudy for Ben Chilwell with veteran Christian Fuchs out of contract and eyeing a move to the MLS while Watford while Adam Masina has endured a disappointing debut season at Vicarage Road.
According to A Bola, Leicester and Watford will now turn to the former Portugal U21 international Rebocho, who has shone in a struggling Guingamp side this season.
The swashbuckling full-back has produced 11 assists in 39 games for a team who are stuck to the bottom of the Ligue 1 table.
A Bola points out that Guingamp could accept offers of around £3.5 million, although Rebocho’s price-tag could be reduced if they are relegated from the French top flight.
Only five left-backs in European football have produced more assists than Rebocho this season, including Barcelona star Jordi Alba, Liverpool flyer Andy Robertson and Porto’s set-piece specialist Alex Telles.
The one-time Benfica youngster joined Guingamp from Moreirense in 2017.
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