Newcastle had a second offer, worth £50million, turned down by Leicester for James Maddison.
The midfielder, who scored 18 goals and provided 12 assists in all competitions last season, has been heavily linked with a move to the mega-rich Magpies.
Leicester rejected a £40m offer for the 25-year-old at the weekend and The Guardian reports that their new offer of £45m, plus an additional £5m, has also been turned down.
The report adds that Leicester would be reluctant to sell unless they receive an offer of around £60m for the player.
Defender Wesley Fofana has been heavily linked with a big move to Chelsea, while Harvey Barnes is also believed to be on Newcastle’s radar.
Meanwhile, the future of Arsenal target Youri Tielemans, who is in the final year of his contract with the Foxes, is in doubt.
These reports, along with the fact that Leicester have yet to make any acquisitions this summer, have led to suggestions that Brendan Rodgers’ men will struggle this season – talkSPORT’s Danny Mills has suggested they could even be relegated .
But Simon Jordan believes selling a key player like Maddison could prove beneficial for Leicester in their bid to freshen up the squad.
He told talkSPORT: “People have to stick to the right ratings and pay whatever we think of this world of Narnia Monopoly football players, that’s what it is.
“The valuation the market puts on things is the valuation the club puts on things and Leicester are good at it.
“It’s not a pattern they haven’t done before – they’ve sold Harry Maguire, they’ve sold Riyad Mahrez, they’ve sold Danny Drinkwater.
“They won the Premier League and the first thing they did was sell the starting midfielder [N’Golo Kante]that’s the nature of the beast.
The Premier League is back and talkSPORT has it covered, with games on Friday, Saturday and Monday, starting with Crystal Palace against Arsenal on August 5