Leicester City have reportedly placed a £40m valuation on James Maddison amid links with Arsenal and Newcastle United.

The Foxes have announced the release of seven players, including Atletico Madrid-bound Caglar Soyuncu and Youri Tielemans.

Shakhtar Donetsk loanee Tete is also among those who will leave the club, and there are set to be more departures as Leicester prepare for life in the Championship.

Maddison is regarded as one of Leicester's most prized assets, and the England international is expected to head through the exit door in the next few months.

With his contract set to expire in 2024, Leicester will listen to offers this summer rather than risk losing him on a free transfer in 12 months' time.

Arsenal and Newcastle are among those that are interested in the 26-year-old, and they have now been made aware of Leicester's financial demands.

According to The Athletic, Leicester have set an asking price of around £40m, but they are hopeful of receiving more should a bidding war take place.

After qualifying for the Champions League, Arsenal and Newcastle are both looking to strengthen their squad ahead of the 2023-24 campaign.

The opportunity to compete in the Champions League will certainly appeal to a player that has never played in Europe's biggest club competition.

Manchester City, Manchester United and Tottenham Hotspur have also been linked with the midfielder, who has two caps for England.

Although he was unable to keep Leicester in the top flight, Maddison managed to register 10 goals and nine assists in 30 league appearances during the 2022-23 season.

In total, Maddison has featured in 203 competitive games in his five-year stay with the Foxes, scoring 55 goals and contributing 41 assists.

The former Norwich City man has been named in Gareth Southgate's England squad for the upcoming Euro 2024 qualifiers against Malta and North Macedonia.