The Magpies had two bids rejected for the 25-year-old over the summer with the first worth £40million and the second of £45m.
Advertisement
The Times report that their interest will be renewed in January if the Foxes drop their asking price, with Maddison having just 18 months left on his contract.
Leicester could be forced to sell amid struggling finances, with reports claiming they have £119.5m losses. That's even after selling Welsey Fofana for £69.5m.
The club managed to escape any punishments for Financial Fair Play (FFP) breaches, but their finances are being closely monitored.
Advertisement
Since Newcastle were taken over by the Saudi Public Investment Fund in October 2021, the club have spent £215m over two transfer windows.
This has included a club record £63m on striker Alexander Isak.
Maddison's creativity is something Eddie Howe may be on the lookout for, with his side only scoring eight goals in seven Premier League games.
Advertisement
Advertisement
The playmaker has three goals himself and one assist for the Foxes so far this season.
Last season, he scored 12 times and contributed eight assists in his 35 Premier League appearances.
Losing Maddison would be a huge blow to Leicester, though, who currently sit bottom of the table with one point from seven games.