After keeping the Blues in the Championship, manager Garry Monk is looking to reshape his first-team squad this summer in the hope of launching a bid for the playoffs.
According to the Birmingham Mail, that could result in an approach for Thomas, who is still looking to make the breakthrough at the King Power Stadium.
Thomas enjoyed a fast start to his professional career with nine goals being scored in 53 games for Coventry City, but his progress has stalled since making the switch to the Foxes in January 2017.
The 21-year-old is still waiting to make his first-team debut and with Leicester having funds to spend ahead of next season, the youngster could be allowed to leave on loan.
Despite a frustrating domestic campaign, Thomas did make his debut for Wales against Mexico last month.