NEWCASTLE made a shock £40million bid for James Maddison, according to reports.
But Leicester rejected the paltry offer immediately.
And instead the Foxes have offered their star midfielder an improved contract to convince him to stay.
According to The Telegraph, the mega-rich Toon submitted the offer on Friday but Brendan Rodgers' side were having none of it.
Now the Magpies are deliberating on whether to go back in with a bigger bid.
If they do and are successful, Maddison would become Newcastle's new record signing, surpassing the £40m they paid for Joelinton.
Eddie Howe has already landed Sven Botman, Matt Targett and Nick Pope this summer but remained coy on further attacking signings.
He said on Friday: “Never say never but as the days tick by it is looking more and more unlikely.
“However, the most important thing is that we get the right players, not the speed that we get them in.”
Maddison joined Leicester in 2018 for £25m from Norwich and has been one of the club's standout players throughout his time in the East Midlands – earning one England cap.
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He is currently under contract until 2024, having signed his latest deal with the club in 2020.
The 25-year-old enjoyed a fantastic season last term, scoring 18 and assisting 12.
That form earned him Leicester's player of the season award.
And according to the Daily Mail, the club plan to reward him further with a pay rise in the autumn.
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Leicester are already battling to keep hold of Youri Tielemans and Kasper Schmeichel before the transfer window closes.
And the Foxes are the only club in Europe's top seven leagues still yet to make a signing this summer.
That is despite Rodgers repeatedly declaring his desire and need to refresh the squad throughout last season.
But Leicester need to raise funds by selling this summer due to Financial Fair Play rules.
Maddison, who was snubbed by Gareth Southgate for the end-of-season Nations League matches, was a transfer target for Arsenal a year ago.
And there were reports the Gunners and rivals Tottenham were keen to test City's resolve this summer.
More to follow…
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