Leicester City are also rumoured to be in the running for Dembele, as the Foxes are looking to add to their attacking options for the upcoming 2021/22 season.
At times, Leicester rotated between a 5-4-1 and 5-2-1-2 formation due to the superb goalscoring form of Kelechi Iheanacho, as the Nigerian finished on 12 goals, scoring all of these goals in his last 15 matches. Whilst Jamie Vardy scored 15, scoring just four in his las 21 appearances in the Premier League, prompting questions as to whether the former Fleetwood Town striker was feeling his age, having turned 34-years-old last January.
The signing of Dembele would take away some of the reliance which Leicester have had on the likes of Vardy, meaning that they could use a two-striker system on more of a regular basis.
Dembele has worked with Leicester boss Brendan Rodgers at Celtic, which saw the 24-year-old have the most successful two full seasons in his career trophy wise, winning the Scottish treble in back-to-back seasons between 2016 and 2018 before moving to Lyon.
Dembele has the odds of 6/1 to move to the Foxes in the summer transfer window.