WalesOnline says reports suggest the Foxes have a strict wage structure in place and are loathe to break that to capture Campbell who could now yet remain in the Welsh capital.
The frontman, who is back training with Cardiff, has been offered a new contract by the Bluebirds, but could still be tempted by a return to the Premier League. The move to Leicester may be on the verge of collapse, but Crystal Palace are also said to be interested in signing him.
The choice is down to Campbell. He can stay with Cardiff City, who have put a new, lucrative deal in front of the striker, or explore other options.
For the big stories and the banter follow us on Twitter: @tribalfootball