Footmercato says Leicester are set to make an offer of around 20million euros (just over £18m) for Fofana.
Fofana was described as "brilliant" in the French Cup final, which Puel's men ultimately lost 1-0 to Paris Saint-Germain.
Puel has previously stated that he will do everything he can to keep hold of Fofana.
“It is with this type of player that the club can continue to plan for the future," he said. “We will therefore do everything to keep our best players.
“I insisted a lot on extending Wesley because it seems essential to see him for a few more seasons with the club that raised him."