According to Football Insider, with the source suggesting an offer of roughly £9 million is being prepared.
The Clarets wanted the 19-year-old in January, but failed to secure his signature.
Now it appears they are willing to pay an even higher price for Collins, who will be 20 on Friday.
Despite missing time in recent months due to a foot injury, Collins is highly rated and Burnley believe he can make the step up to the Premier League next term.
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