TMW says his performances haven't gone unnoticed as the Gunners and Foxes look to bring him to England.
They state that both clubs have made contact with the player's agent about a potential move at the end of the season.
And Empoli may be forced to cash in on the Italy youth international to avoid losing him on a free in 2022 when his contract expires.
Understood to be one of Italy's most promising talents, Ricci has been a key player for the Blues since breaking into the first-team in September 2019.
It has been suggested that Empoli could be willing to do business should they receive a fee in the region of £10million.