Leicester City have reportedly failed with a £6.25m bid for Brighton & Hove Albion forward Leonardo Ulloa.
The Foxes have been repeatedly linked with a move for the Spaniard since securing promotion to the Premier League, but Brighton have knocked back three offers from the Championship winners.
According to The Telegraph, Brighton are holding out for more money, and Leicester will be forced to dip further into their budget to secure Ulloa's services.
Ulloa, who has scored 26 goals in 58 appearances since joining from Almeria in January 2013, is believed to have informed Brighton of his desire to leave the club.
Signing a striker is a top priority for Nigel Pearson, with the club also being linked with a move for Connor Wickham recently.
