Leicester have turned down an approach from Malaga for Luis Hernandez, according to Sky sources.
Hernandez has made just four Premier League appearances since his summer move from Sporting Gijon, and Malaga were interested in taking him back to La Liga on loan.
But the 27-year-old is the only senior back-up to first-choice right-back Danny Simpson, and the champions are reluctant to let him leave.
Sources say Hernandez is becoming frustrated at his lack of opportunities, although he did start four of Leicester's six games in the Champions League group stage.
Malaga are not the only Spanish club interested, with a number of others understood to be monitoring his situation.