The Foxes are set to lose their 21-year-old defender Fofana to Chelsea after the Pensioners agreed to pay €82.5m for the French Under-21 international.
They are now being forced to race against time in order to find a replacement before Thursday’s deadline.
While Nice defender Jean-Clair Todibo has emerged as a name Brendan Rodgers is looking at, yet another player from Ligue 1 is also on Leicester City’s radar.
It is claimed that Leicester are keen on Faes, who is on the books at Reims.
They have now opened talks with the French side as they look to try to find an agreement to take the Belgian to England.
Standing at six feet two inches, the Belgian could prove to be an aerial presence for the Foxes.
Faes still has two years to run in his contract with Reims and is a senior Belgium international, having been capped by his country earlier this year.