Lejeune left Newcastle to join the Spanish side on loan last summer and has featured 30 times in La Liga in the ongoing campaign.
Alaves are 16th in the league table and are just a point ahead of sides in the relegation zone with four games left in the season.
Lejeune is likely to play a key role if Alaves manage to survive the drop and secure their top-flight status for one more season.
And it has been claimed that Alaves are interested in holding on to the Frenchman if they manage to avoid relegation in the coming weeks.
The defender has been a key player for them this term and they want to keep him next season as well if they are still in La Liga.
Lejeune’s contract at Newcastle expires at the end of next season and the club are yet to take a call on what they want to do with him this summer.
But if a decision is made to let him go, Newcastle are likely to demand a permanent transfer in order to earn a fee from his departure.
