The 22-year-old winger has four years left on his current contract with Monaco, however his future at the club has come under the scanner.
He was a key player under former Monaco boss Niko Kovac, but he hardly played under Philippe Clement and that has led to him wanting to move on.
Borussia Dortmund and Nice are interested, however Leicester are keen to take him to the King Power Stadium.
According to French sports daily L’Equipe, the Foxes have made an initial approach to sign the winger this summer.
Brendan Rodgers likes him and the club are considering taking him to the King Power Stadium ahead of next season.
But Leicester are yet to table a concrete offer and are still pondering over making a move for him this summer.
Diop scored nine times and registered seven assists in 45 appearances for Monaco last season.
