Former Premier League champions Leicester City are reportedly ready to cut their losses on Super Eagles star Kelechi Iheanacho by offloading him.

The Foxes paid Manchester City £25m for his services in the summer but he has so far struggled for match action at the King Power Stadium scoring once all season.

According to a close club source via sun.co.uk, Leicester City are ready to take a massive hit on the 21-year old.

The source said: “The problem is Kelechi is earning around £115,000-a-week on a five-year deal and no club will currently want to take him on those wages.”

“So Leicester might have to let him go for a lot cheaper than they paid for him if they decide to sell now.” the source added.

Other Premier League sides like Stoke City, West Ham and Swansea City were also in the hunt for Kelechi Iheanacho before he moved to Leicester City.

The source further stated that: “Kelechi’s a young player, has a lot to improve on in different aspects of his play.

“It’s difficult because he’s behind Jamie Vardy. It’s difficult to play behind him.

“I Shinji Okazaki is also playing well. And there is also Islam Slimani.” the source concluded.