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Published 09:24 8 Jul 2016 BST
Updated 12:23 8 Jul 2016 BST
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Leicester had met Norwich City's original valuation of Brady - £12m - but the Canaries have since hiked up their price for the Dubliner, rejecting a number of bids.
The Premier League champions are now been quoted a fee in the region of £20m, prompting Leicester to reportedly explore other options.
Brady, who signed for Norwich from Hull for £7m last summer, has two years left to run on his contract, and is understood to have his heart set on playing in the Champions League with Leicester.
If Brady was to join a club for £20m this summer it would be a record fee paid for a player in the Championship, eclipsing the £16.5m Charlton Athletic received for Darren Bent in 2007.

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