Leicester City have rejected an offer in the region of £40m from Newcastle United for midfielder James Maddison, according to a report.

The Foxes are yet to add to their squad during a frustrating summer so far, but have faced a battle to hold onto key players such as Youri Tielemans and Wesley Fofana.

Tielemans has been heavily linked with potential moves to the likes of Arsenal and Manchester United throughout the window, whilst the latter is attracting interest from Chelsea.

Number one goalkeeper Kasper Schmeichel also looks set for a move to Nice, whilst Newcastle have also been credited with an interest in winger Harvey Barnes.

However, Sky Sports are reporting that the Magpies have turned their attentions to Maddison for the time being, and saw an offer of around £40m turned down for the England international on Friday.

The report suggests that Eddie Howe's side are likely to come back in with an improved offer for Maddison, whilst Leicester are believed to value one of their most prized assets at closer to £60m.

As a result of the interest, it is believed that Leicester are set to open talks over an improved contract offer for Maddison in their attempts to secure his long-term future at King Power Stadium.

After falling out of contention for Gareth Southgate's England squad following a dip in form, Maddison enjoyed an excellent second half of the 2021-22 campaign with Leicester, finishing with a record of 18 goals and 11 assists in 52 appearances across all competitions by the end of the season.