Leicester could make Adidas their new kit suppliers from next season onwards, according to a report from Footy Headlines.
The Foxes' deal with Puma is set to expire at the end of this campaign, leaving them in search of a new partner.
The current deal between Puma and Leicester is said to be worth £1m.
It is expected that Leicester will announce a deal with Adidas in the coming weeks.
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The 2015-16 Premier League winners have enjoyed a productive campaign since Claude Puel's arrival in October.
They sit eighth in the Premier League standings and reached the quarter finals of the FA Cup, where they were beaten by Chelsea.
Puel spoke last month of the club's aim to continue to progress and climb further up the table.
“I hope we can develop the club to compete more up the table and take on the great teams with a good chance of success," he said.
“It is a long process, but it is exciting. I hope we can give the players a good possibility to play more up the table. It is important to have ambition for the club and themselves.
"Of course for the staff and the fans all the people want the club to make progress and with all the supporters behind us it is exciting work. It is a good feeling for all the team and around the team. We must look forward all together.”