The Belgian midfielder is yet to agree a contract extension at the King Power Stadium, despite the club being said to be keen on tying him down.
According to Calciomercato, European giants Bayern Munich and Liverpool are both keeping tabs on Tielemans's contract situation, with the chance to snare him on a cut-price fee if the saga in the Midlands continues.
Brendan Rodgers has insisted that the 24-year-old has not turned down a new deal though, saying to reporters: "There are reports. There is no turning down, there is nothing. There is just dialogue between the club and Youri's people."
The Belgian international's current deal expires in the summer of 2023, having initially arrived at the King Power Stadium on loan from Monaco in 2019, before the Foxes made the move permanent at the end of the campaign.
He has now made 122 appearances for the Midlands outfit, contributing 22 assists and 20 goals, including a long-range winner in last season's FA Cup final to see his side lift the trophy. body check tags ::