However, Aranguiz admits that he instead favours a move to Bundesliga side Bayer Leverkusen, who can offer the prospect of Champions League football next season.
"The president told me there's a bid from Leicester and it's good for the club," he told Brazilian TV station Globo. "But for me, Leverkusen is important.
"I am not talking about money. Between Leverkusen and Leicester, the best is Leverkusen; they're a bigger team. I want to go."
Aranguiz has won 40 caps for national side Chile and played a part in their Copa America success on home soil earlier this summer.