Managerless Leicester have had a bid of £12million for QPR striker Charlie Austin rejected, Press Association Sport understands.
The 25-year-old forward scored 18 Premier League goals for the Rs last season but could not help keep the west London club in the top flight.
Austin, who was in Roy Hodgson’s England squad for last month’s fixtures with the Republic of Ireland and Slovenia, is entering the final year of his current deal at Loftus Road but QPR are not prepared to lower their valuation of one of their prized assets.
Austin has been linked with moves to the likes of Chelsea, Liverpool, Newcastle and West Ham having proven his Premier League pedigree, even with a struggling side.
It is believed Rangers are holding out for around £15million for a player they bought from Burnley two years ago.
Only Sergio Aguero, Harry Kane and Diego Costa scored more league goals last season as Austin struck against Chelsea, Manchester City and Arsenal in an ultimately unsuccessful survival attempt from Chris Ramsey’s side.
Leicester, who broke their transfer record twice last season to sign strikers Leonardo Ulloa and Andrej Kramaric, were able to retain their top-flight status after winning seven of their last nine fixtures.
Despite that, they parted company with manager Nigel Pearson on Tuesday and have been linked with approaches to former Holland coach Guus Hiddink and Bolton boss Neil Lennon – who enjoyed a successful playing career in the east midlands.
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