The Daily Mail says Fatawu is being considered by the Cherries as a replacement for Antoine Semenyo.
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Semenyo is on track to join Manchester City when the winter market opens on January 1, with the Sky Blues prepared to pay his £65m buyout clause.
Bournemouth have accepted the Ghana international is leaving next month and have identified Fatawu as a direct replacement.
Leicester are seeking £30m to sell the attacker in the coming weeks.
