The 25-year-old was heavily linked with a move away from the Foxes over the summer.
The Belgium international, who is out of contract next June, has made seven appearances for the East Midlands this season.
Wolverhampton Wanderers have reportedly placed emphasis on signing Crystal Palace forward Christian Benteke in the summer transfer window.
According to The Sun, Wolves are considering bolstering their squad with the addition of the Belgium international, after Fabio Silva was loaned out to Anderlecht.
The 26-year-old will see his contract at the Emirates Stadium expire at the end of the campaign and is widely expected to leave the club ahead of the 2022-23 campaign.
Both AC Milan and Inter Milan have been credited with an interest in the Belgium international, with the Rossoneri now thought to lead the race for his signature.
The 23-year-old is believed to be Chelsea’s number one defensive target ahead of the 2020-21 campaign as they attempt to bolster the left side of their back four.