Faes, 25, joined the Foxes from Reims last year on a five-year contract but could not help the side avert their relegation from the top flight.
He has featured for Leicester in both Championship matches this season, but is not eager to play in the English second-tier.
Galatasaray are credited with an interest in Faes and they have already witnessed a loan approach for the centre-back rejected by the Foxes.
But the Istanbul outfit have yet to give up on a potential deal for the Belgian and they have revised their offer as a player plus cash deal for the defender, according to Turkish daily Sabah (via broadcaster Aspor).
The player whom Galatasaray want to include in a potential deal for Faes is said to be Turkey international Yunus Akgun.
The Turkish giants are also willing to pay €5m to Leicester besides offering Akgun to the Championship side.
Enzo Maresca’s side are said to be keen on Akgun, with the Foxes eyeing further additions to their attacking ranks.
Now it remains to be seen whether Galatasaray will finally be able to strike a deal with the Foxes for their defensive target in the coming days.
