Bournemouth and the Foxes are the two clubs most interested in his signature.
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Per L’Equipe, the two clubs are pushing to sign the 30-year-old for a modest fee.
He only has a year left at French side Lorient, which means he will be sold under his value.
Lorient do not want to lose him on a free transfer in a year’s time, as they were relegated to Ligue 2 this summer.
Mvogo is one of the players they are ready to cash in on to ensure they are financially solvent.