Leicester have turned down an offer from Aston Villa to take Christian Fuchs on loan until the end of the season, Sky Sports News understands.
Villa wanted to sign the Austrian on a temporary deal with the view to making it permanent in the summer.
However, Leicester are unwilling to allow Fuchs to leave as he is their only cover for first-choice left back Ben Chilwell.
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Fuchs has made just six appearances for the Foxes this season - with just one coming in the Premier League - and his contract at the King Power Stadium is due to expire at the end of the current campaign.
Fuchs was part of the Leicester side that memorably won the Premier League title in 2016, and has made a total of 117 appearances for the club since joining in 2015.
Dean Smith is looking to make additions to his Villa squad after taking charge in October, and has already signed Kortney Hause and Lovre Kalinic this month.