Reports suggest that the Foxes boss Nigel Pearson is keen to lure the 20-year old attacking midfielder to King Power Stadium following their promotion to the Premier League.
Powell spent the 2013/14 season on loan with Wigan Athletic and impressed as the club made it to the promotion playoff semi-finals.
The former Crewe Alexandra starlet netted 12 goals in all competitions, including three in six Europa League outings, which has sparked Leicester's interest.
Powell, who is under contract at United until June 2016, could join former Red Devils Danny Drinkwater, Ritchie De Laet and Matty James at Leicester if he departs Old Trafford this summer.
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