The 21-year-old is currently on loan in the second tier at Stoke City, who are still adjusting to life under the new leadership of Narcis Pelach.
Cannon has made five starts in the Championship for the Potters, with all of his four goals coming in the 6-1 thrashing of newly-promoted Portsmouth on October 2.
As a result, the youngster has already netted more than he managed for Enzo Maresca's Leicester across the entirety of the 2023-24 campaign.
Since making the £7.5m permanent switch from Everton to the King Power Stadium in the summer of 2023, Cannon has only featured on 16 occasions for the Foxes.
Leicester eyeing loan-to-buy exit of Cannon?
According to journalist Alan Nixon, Leicester loanee Cannon is currently unlikely to spend the full 2024-25 campaign on a temporary deal at the bet365 Stadium in Staffordshire.
The report claims that the Foxes are looking to recall the 21-year-old during the January transfer window in order to take advantage of interest elsewhere in the player.
Championship promotion contenders Sheffield United and West Bromwich Albion are allegedly both keen on a move for Cannon in the New Year.
It is believed that Steve Cooper's side are aiming to negotiate a loan-to-buy deal with an interested party, targeting a sale of around £10m.
As well as the Blades and the Baggies, Sunderland have been recently linked to Cannon, who was the subject of a bid from the North-East giants during the summer window.
Is Cannon's Leicester story over?
Signing for a hefty fee from Everton last summer, there were high hopes that Cannon would be an integral part to Leicester's promotion campaign.
The East Midlands side cantered to automatic promotion, although the Republic of Ireland international could only manage a bit-part role, falling behind the likes of Patson Daka and Kelechi Iheanacho in the attacking pecking order.
Even with Jamie Vardy's contract expiring at the end of the season, it is clear that Leicester are willing to part ways with Cannon imminently.
The forward is set to be in action on Saturday afternoon, when Stoke host top-six chasing Norwich City at the bet365 Stadium for a Championship clash.