The Foxes recently appointed Enzo Maresca as their permanent manager following their relegation from the Premier League last season.
Leicester are currently undergoing a squad overhaul amid their hopes of securing an immediate return to the top flight next season.
A number of key players, including Harvey Barnes and James Maddison, are likely to leave the King Power Stadium in the ongoing transfer window.
However, the Foxes have also been credited with interest in several players, including Giles, in a bid to realign their ranks ahead of next season.
Maresca is said to be an admirer of the versatile 23-year-old English player, who is also linked with Middlesbrough.
And it is suggested that Wolves could sell the highly-rated defender this summer in order to ease their financial concerns.
Now it is claimed that Leicester’s potential entry in the race for Giles’ signature could push the valuation of the defender beyond Boro’s reach and could knock Michael Carrick’s side out of the race for the player.
Giles played last season on loan for Middlesbrough from Wolves and buttressed his on-field reputation with an impressive record of eleven assists in 45 league matches for the Riverside Stadium outfit.
It remains to be seen now whether the Foxes will formally approach Wolves for Giles and price out Boro of the race for the defender.
