Leicester City are considering breaking their club-record fee to bring Sevilla midfielder Steven N’Zonzi back to the Premier League, the Telegraph reports.
The 27-year-old has a massive €30 million (£25m) buy-out clause in his contract but the Foxes owners are expected to back to move as the club look to replace N’Golo Kante.
Ranieri lost N’Golo Kanté to Chelsea last month and despite signing Nampalys Mendy, the Premier League champions are ready to recruit another defensive midfielder.
Mendy is expected to miss at least three weeks with an ankle injury after coming off early in last weekend’s 0-0 draw with Arsenal.
Monaco are also interested in the Frenchman but Leicester are understood to have made preliminary contact with his representatives ahead of a bid.
Leicester vice-chairman Aiyawatt Srivaddhanaprabha confirmed this week that funds are available to Ranieri. He said: “I’m already excited by the strength and vibrancy of the squad and we are ready to make to make further investments if the right opportunities arise.”