The Foxes are in talks with Fenerbahce over a £17.4million switch for the 24-year-old who has struggled since joining from CSKA Moscow.
Musa, who helped his former club to the Russian title last year, has been unable to hold down a place in the Leicester side during a troubled campaign for the club.
He found the net just four times in 32 appearances in all competitions.
He is understood to be keen on staying in the Premier League but his club have yet to receive any offers that they would consider acceptable from English clubs.
