Fofana is considering his future with ASSE this summer and has emerged as a top target for Foxes boss Brendan Rodgers.
But Football Club says a deal is already close to being ironed out, despite the protests of ASSE coach Claude Puel.
The former Foxes manager is insisting Fofana not be sold, but the board thinks otherwise - and a compromise is now being negotiated. ASSE are pushing Leicester to agree to buy Fofana now, but loan him back to them for the new season.
Leicester's offer is said to be worth €25-30m.