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Los Blancos targeting PSG star
Mbappe's deal is up in 2022, which could make him available in 12 months, and while his club are eager to tie him down in the long term, Madrid are ready to pounce on any weakness.
They believe Mbappe will help their side both in terms of performance on the pitch and image off it.
The young Englishman is set to struggle to get game time this season with the arrival of several new faces, and Frank Lampard feels a temporary move will help his development.
Leicester manager Brendan Rodgers has told his board that they will need to spend if they are to improve on last season's fifth-placed finish.
"The players showed huge potential and those players will hopefully go on to improve again this year. But also it is about quality and we need to improve the quality and depth of our squad," he said, the Daily Mail reports.
"It was probably in that last period we lost some of our players of quality then in order to rotate we didn't have that necessary depth. It is an area we want to improve."
The Gunners will seek to offload Lacazette this summer in order to sign Thomas Partey from Atletico Madrid and must sign a cheaper replacement.
They believe that the France Under-21 man fits the bill but face a struggle with the Hoops to agree a fee.
Alexandre Lacazette has told Arsenal that they must ensure that Pierre-Emerick Aubameyang signs a new deal with the club.
Red Devils to give up on Bundesliga ace
The Red Devils are unwilling to meet Dortmund's valuation of the player, with the German side holding out for £108 million ($138m), while United want to pay £80m.