The winger is out of favor with Foxes boss Brendan Rodgers and looks likely to leave in the winter or summer windows.
Per Sport1 in Germany, Leverkusen are interested in securing the left winger on a cut price deal.
The report suggests a transfer could be arranged for only €2 million, which is significantly less than what Gray would normally cost.
However, it is unclear if Gray wants to move to the Bundesliga.
He may prefer to let his contract run out before moving to a club of his choosing in the summer.