Brekalo, who plays for Wolfsburg in Germany, impressed for his country at Euro 2020, playing three games.
The Sunday Mirror says the Foxes have “registered an interest" in the player, who would cost around £12million.
Brekalo is a versatile attacking midfielder who can play out wide and through the middle.
French side Lyon and Spain's Real Sociedad have also been linked with the 23-year-old but it is understood the player would prefer a move to the Premier League.
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