The 24-year-old has only clocked up 18 minutes of Premier League football so far this season, and has not even made the matchday squad in the league more than once under Brendan Rodgers.
The winger is out of contract at the King Power Stadium next summer and is expected to move on to pastures new.
Gray is keen on getting back to playing football regularly and his predicament at the Midlands outfit has put admirers from abroad on alert, with Bundesliga outfit Bayer Leverkusen keen on luring him away.
According to German broadcaster Sport1, Bayer Leverkusen are in talks with Leicester over a potential move for Gray to Germany.
However, both clubs are yet to reach an agreement as Bayer Leverkusen gauge Gray’s asking price of just over €2m as too high.
Die Werkself has been keeping tabs on the Leicester winger since the last transfer window and are hoping to snap him up away this month
Gray has been on the books at Leicester since January 2016 and will be hoping to breathe life into his stalled career in Germany, provided Bayer Leverkusen manage seal a deal for him.