According to Football Insider, the Turkey international has emerged as a transfer target for Los Rojiblancos.
The 26-year-old will be out of contract having fallen down the pecking order at the King Power Stadium.
He has only made one start in the English top flight this season, impressing in a collective defensive effort against Manchester City in October which ended in a 1-0 defeat.
However, the centre-back has not featured since that game, and the 2015-16 English champions have gone on to keep three clean sheets in succession against Everton, Newport County and West Ham United.
The Red and Whites are seemingly set on trying to sign Soyuncu on a free transfer in preparation for 2023-24.