The Algerian international has played just 10 minutes since Puel replaced Craig Shakespeare at the King Power and hasn't even made the match-day squad for the Foxes' last three games.
Foxes boss Claude Puel could now look to offload the 29-year-old in January, with Watford, West Brom, Stoke and Slimani's former club Sporting Lisbon all keeping tabs on his current situation, reports The Sun.
Puel said: “He was on the bench for my first game and he is in the squad this weekend.
“He provides the same option as Ulloa who has worked hard in training sessions.
“I think Slimani is also working very well in training now. But it is always difficult for me to make assurances with so much competition between the players.
“I cannot say yet what will happen in the transfer window but it is difficult for me and the staff to manage all these players for the same position."