Manchester City and Manchester United have told Leicester they are prepared to pay £65m for Harry Maguire, Sky Sports News understands.
Talks between both Manchester clubs and Leicester have been ongoing for several weeks but as yet a deal is no closer to being agreed.
Maguire is understood to be happy at Leicester and won't attempt to force a transfer, but is open to the idea of a move to one of the Premier League's leading six sides.
- Lukaku agent in Milan for Inter talks
- Why Man City need to buy English players
- Listen to the latest episode of Transfer Talk: What now for Newcastle?
Leicester's position has always been that they have no desire or need to sell and would only consider a bid in excess of the £75m world-record fee paid by Liverpool for Virgil van Dijk.
Maguire has become one of the hottest properties in this summer's transfer window after his performances for Leicester and England.
Pep Guardiola is under pressure to add at least one English player to his squad this summer due to the Premier League's 'homegrown' rule and has set his sights on Maguire, who shone at last year's World Cup as England reached the semi-finals.
However, City face stiff competition from their local rivals as Ole Gunnar Solskjaer attempts to revamp his squad with young English talent.
Maguire joined Leicester from Hull City in 2017 for £17m and although the Foxes do not want to lose him, they are understood to have begun drawing up a list of potential successors that includes the Burnley defender and England hopeful James Tarkowski.
Follow the Summer Transfer Window on Sky Sports
From July 1, Sky Sports News will be the home to three new shows dedicated to bringing you the very latest news from this summer's transfer market.
Start your day with Good Morning Transfers at 9am as our team of reporters and pundits bring you the latest news and insight. Transfer Talk then follows at midday delivering the biggest stories that matter to you. And join us at 7pm for the definitive round up of the day's news with The Transfer Show.
And as well as tuning into Sky Sports News, don't miss a thing with our dedicated Transfer Centre blog.
There's also the Transfer Talk Podcast, the daily UK, Regional and European Paper Talk, plus features across skysports.com and the Sky Sports App.