Walsall could rake in as much as £6m from Watford's sale of Troy Deeney.

The Express & Star says Premier League champions Leicester City are believed to have seen a £24million bid rejected for the forward with Watford instead demanding £32million. Walsall sold Deeney to the Hornets for £500,000 in 2010, in a deal that is believed to also entitle them to 20 per cent of any profit.

That clause has seen Watford – who are owned by the wealthy Pozzo family – up their asking price with the Saddlers in line for a £6million windfall if a fee of more than £30million is agreed.

It had been thought Deeney would emerge as a target for Claudio Ranieri if Foxes striker Jamie Vardy completed his move to Arsenal.