The 19-year-old is believed to be Brendan Rodgers’ top target this summer, with some reports claiming that Fofana has his heart set on a move to the Premier League.
The Foxes are said to be offering a 5-year deal for the French-born player, with the Ligue 1 side having rejected as many as 4 bids so far for his services.
It’s believed Leicester’s latest bid is in the region of €40m, including €5m worth of bonus payments.
Saint-Etienne are managed by ex-Foxes boss Claude Puel, who appears to be playing hardball with his former club.
Puel is keen to keep hold of Fofana for another season, whereas it’s claimed the board are willing to accept the tempting €40m offer.
Leicester are yet to hear back from the French side over the bid, and with under a week to go until the transfer window closes, it remains to be seen whether the Foxes land their man.