The Belgium international was touted to join the Gunners during the last transfer window, but the North London side were put off by the Foxes’ price tag.
The East Midlands wanted around £40m for Tielemans despite knowing that he had entered the final year of his contract at King Power Stadium.
According to Sport, Arsenal are ready to try again for the 25-year-old midfielder in January as they look to beat off competition from Real Madrid and Barcelona, as both La Liga giants are aiming to sign him for free next summer but Mikel Arteta’s side are ready to scupper their plans.
The Premier League leaders has urged the hierarchy to make a fresh bid, having already agreed terms with the Belgian midfielder.
It would take around £20m to prise Tielemans away from the Midlands outfit.