Real Madrid boss Carlo Ancelotti is believed to be keen to keep hold of the World Cup winner, but his contract at the Bernabeu is due to expire next June, meaning that a summer exit is possible.
According to Fichajes, Los Blancos have already identified a potential replacement for Varane, with Fofana emerging as a transfer target for the Spanish giants.
The 20-year-old joined Leicester from Saint-Etienne last October and enjoyed an impressive first season at the King Power Stadium, making 42 appearances in all competitions.
Fofana still has four years left to run on his contract with Brendan Rodgers's side, though, meaning that the Foxes would be in a strong position when it came to any potential negotiations. body check tags ::