The 23-year-old is highly rated in his country, but he has only featured four times this season.
Selling him would free up funds for the Portuguese side, as they look to strengthen other parts of the squad.
Leeds would have to part with at least £2.6million, and the fee could rise to and £3.5m.
Figueiredo is a talented central defender who spent his entire career in the Sporting system, along with two loan spells at Reus and Nacional. He was a permanent fixture in Portugal's 2016 Olympic squad.
The potential capture of the Portuguese player shows Leeds are continuing to search through Europe for new players, which is a club strategy since the arrival of Andrea Radrizzani as owner.