Slimani has popped up on Saint-Etienne coach Claude Puel’s radar as a potential winter recruit with the Frenchman keen on reinforcing his attacking line.
The striker is deemed as surplus to requirements at the King Power Stadium by Foxes boss Brendan Rodgers and Leicester tried to offload him during the recent transfer window.
Slimani has only managed a single substitute appearance in the Premier League so far this season and is keen on leaving the Midlands outfit in the upcoming transfer window.
However, according to French magazine Le 10 Sport, Saint-Etienne would find it difficult to afford the Algerian.
The Ligue 1 club are struggling to balance the books at the moment and need to find €20m more in their budget by offloading players and through salary savings before they would be in a position to launch a swoop for Slimani.
Saint-Etienne need to iron out their financial situation before attempting to rope in the striker, even on a loan deal.
Slimani spent last season on loan at Monaco and it remains to be seen whether the Algerian will return to France in Saint-Etienne colours come January.