The Foxes splashed the cash to sign Cannon from Everton in the summer after being encouraged by how he did at Championship level while on loan at Preston North End.
Cannon though has not yet made an impact at the King Power Stadium, with a back issue not helping, and Leicester have already fielded loan requests from other clubs ahead of the opening of the January transfer window.
Leicester though are planning to keep hold of Cannon and they will not encounter any trouble from the player himself.
Cannon is happy to stay at the Foxes and fight for opportunities to play.
Leicester are planning to give Cannon more minutes over the course of the second half of the campaign.
They currently sit top of the Championship table, level on points with Ipswich Town, but boasting a game in hand.
Wayne Rooney’s Birmingham City will provide the opposition for Leicester on Monday, before the Foxes then host Rotherham United next weekend.
