Harvey Barnes has signed a new five-year deal with Leicester that keeps him at the King Power Stadium until 2024.
Sky Sports News understands the 21-year-old has been handed a significant pay rise in an attempt to fend off potential bidders.
Barnes signed his previous deal, which had three years still to run, just 11 months ago.
He featured regularly for Leicester during the second half of the season, playing 16 times in the Premier League and scoring his first goal for the club against West Ham in April.
During the first half of the campaign, Barnes enjoyed a highly productive loan spell with West Brom, scoring nine goals and claiming seven assists in 26 Championship games.