The bid, in excess of £70million, was turned in on Friday.
Sources close to the deal state that Leicester consider the bid to be below their asking price.
Leicester are believe to have quoted a staggering £85million for any club interested in snapping up the French man.
Chelsea, however, are not deterred by this setback and are expected to launch a new improved bid for the ball-playing defender in the coming days.
Fofana is said to be very keen on a potential move to Stamford Bridge, which makes things easier for Chelsea, who, now, only have to satisfy Leicester’s demands for any deal to be done.
Leicester City FC Head Coach, Brendan Rodgers, has been quite vocal in recent weeks regarding reports linking Fofana away from the club.
“He is not for sale,” were the words of Rodgers when asked on the matter during his last Press Conference.
Of all the English Premier League club side, Leicester remain the only club who have not spent on incoming players this transfer window.
More updates regarding Fofana’s potential move will be relayed as news breaks.
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