The domestic treble winners are wary of Financial Fair Play regulations and realise they cannot afford the Leicester ace without balancing the books.
And unless central defenders Otamendi and Mangala are moved on fast, they will be forced to drop their pursuit of the England defender.
Which in turn leaves rivals Manchester United clear favourites to land Maguire, 26, who earlier this week informed the Foxes he wants to leave this summer.
But the Reds cannot hang around haggling over the amount they are prepared to pay the Foxes.
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