The former Manchester City man has been in scintillating form for the Foxes this season and is being courted by a number of Premier League clubs.
According to Spanish outlet Fichajes, Chelsea and Manchester United are in the market for a new striker this summer and have identified Kelechi Iheanacho as the ideal solution to their problems.
Iheanacho joined Manchester City's youth academy in 2014 and made his debut for the senior team in 2015. He was often used as an impact substitute by the Cityzens and enjoyed an impressive debut season, scoring 14 goals in 35 appearances in his first season.
However, the 24-year-old struggled to establish himself as a regular starter for Manchester City in his second season at the club and was limited to just 29 appearances in all competitions in the 2016-17 season.
Kelechi Iheanacho subsequently joined Leicester City in the summer of 2017 for £25 million. The Nigerian was forced to play second fiddle to Jamie Vardy in his first two seasons with the Foxes and was mainly used in cup competitions. He managed just 20 goals in 89 appearances for Leicester City before the current season.
Iheanacho has now become a regular starter for Leicester City in the absence of Jamie Vardy. He has been prolific for the Foxes, scoring 15 goals in 31 appearances in all competitions.
His impressive performances have caught the attention of clubs like Chelsea and Manchester United.
Chelsea boss Thomas Tuchel is eager to sign a striker who can score 20 goals a season. The German tactician lacks faith in Timo Werner and Tammy Abraham. Olivier Giroud could also leave the club this summer.
Manchester United, on the other hand, are also keen to sign a No.9. The Red Devils have been heavily dependent on Edinson Cavani for goals this season. However, with the Uruguayan approaching the latter stages of his career, the Old Trafford giants will look to sign a permanent solution in attack.
Kelechi Iheanacho could prove to be a cheaper option than Erling Haaland for Chelsea and Manchester United
Chelsea and Manchester United have been linked with a move for Borussia Dortmund striker Erling Haaland in recent months.
Dortmund are, however, demanding a fee in the range of £150 million for the Norwegian, which could prove to be a problem for both clubs, given their current financial situation.
Chelsea and Manchester United could therefore look to Kelechi Iheanacho as an alternative option. The Leicester City striker is young and is familiar with Premier League football.