Leicester are remaining firm in their stance that Islam Slimani will not be allowed to leave the club on a simple loan deal this summer as they look to secure €15m to 20m for the striker following Sporting CP's approach.
The 30-year-old has failed to make a lasting impact at the King Power Stadium since joining the club on a £30m deal, where he could be set for a reunion with his former club two years on from switching Portugal for the Premier League.
According to Portuguese outlet Record, via Sport Witness, Sporting have approached the Foxes with a loan deal for Slimani but have been told that only a permanent transfer or loan with an obligatory option to buy will be considered.
The report claims Leicester are looking to recoup between €15m and €20m for the Algeria international, with clubs from both England and China coming closest to tabling an acceptable offer.
It leaves Sporting with a decision, to pay up or hope Slimani's desire to return to Lisbon forces the Foxes to consider another possibility as the Premier League outfit are likely to push through a move which satisfies their economic needs.
With the report expecting the transfer to extend 'until the end of the transfer market', it comes as a blow to Sporting's hopes of stemming the tide amidst a mass exodus of players who each terminated their contracts at the club.
The departures total up to a £200m loss in potential transfers and leaves president Bruno de Carvalho desperate to announce a significant signing.