The Yorkshire giants are holding talks with Juventus as they bid to add another United States international to the ranks at Elland Road.
Juventus are happy for McKennie to go this month, but only if they are made a proposal they are happy with.
And Leeds want to sign the American midfielder on an initial loan, with an option to then sign him on a permanent basis.
Juventus are looking for in excess of €30m to sell McKennie and it is unclear if they will be able to agree a deal with Leeds.
The Premier League side already have an agreement in place with McKennie and just have to find common ground with Juventus.
If he moves to Leeds, McKennie would link up with US team-mates Tyler Adams and Brenden Aaronson.
Leeds also have an American manager in the shape of Jesse Marsch, while Chris Armas has just joined the coaching staff.