It's claimed that conversations have taken place about a deal, and whilst the move hasn't been agreed, Leicester are pressing ahead with their efforts to sign him.
The report notes that Carvalho hasn't been able to hit top form this season due to injury, and Betis may now cash in as they plot their own summer moves.
When Carvalho joined Betis from Sporting in 2018, it was confirmed that he had a huge €120million (£110million) release clause in his contract, as noted by Marca.
Leicester almost certainly won't be paying that kind of money for Carvalho; even half of that would be a shock, with the clause mostly just in place to protect Betis.
The 27-year-old was a star with Sporting, earning huge interest along the way, having impressed as a powerful anchor man in midfield who also had a strong passing range.
Leicester's midfield struggles at times without Wilfried Ndidi, and Brendan Rodgers may now feel that Carvalho can offer some cover and competition in the Foxes side.
Rodgers wanted Carvalho at Liverpool in 2015 according to The Mirror, so seeing new links emerge now isn't a huge shock, and it's certainly a story for Leicester fans to keep an eye on.
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