The midfielder enjoyed a superb debut season at the King Power last year after moving to the Midlands from Caen for £5.6m.
The 25-year-old reportedly has a £20m release clause in his contract and Chelsea are currently preparing an offer that will match that amount.
However, according to L’Equipe, Arsenal are ready to fight with their London rivals to land Kante this summer.
Arsene Wenger is already working on a deal for Kante’s Leicester teammate Jamie Vardy and is now eyeing a second raid on the Premier League champions.
As well as interest from Arsenal and Chelsea, French champions Paris Saint-Germain are keen on Kante too.