Leicester City signed striker Edouard from their Premier League rivals Crystal Palace in August on a season-long loan deal.
The Frenchman has made just six appearances and played 113 minutes for the Foxes in all competitions.
Edouard has not started in any of their league fixtures and his last appearance came off the bench in a 3-0 defeat at Manchester United.
Leicester may well decide to terminate the deal early in order to free up a loan space when the market reopens in January.
Southampton could replicate this with winger Cornet, who joined on a season-long loan from West Ham in the summer.
READ MORE FOOTBALL NEWS
Simon Jordan slams 'ungracious' Liverpool fans over disrespectful Pep Guardiola chants
Neville claims 'something is going on' at Man City over 'strange' De Bruyne exile
The Ivorian has only featured four times for the Saints and last made a Premier League appearance at the end of September.
Most of Cornet's minutes for Southampton have come in the Carabao Cup, during wins over Everton and Stoke City.
Premier League rules dictate that clubs cannot register in excess of two loan players at any one time.
Leicester have filled both spots with Edouard and Facundo Buonanotte, who signed from Brighton before the season started.
Most read in Football
I manage the FA Cup's lowest-ranked club - I dream of third round tie at Championship side
FA Cup holders United draw rivals in epic third round draw as Tamworth earn glamour tie
FA Cup third round draw: United vs Arsenal as City and Liverpool handed favourable ties
Italy legend doesn't hesitate when choosing between Ronaldo and Messi for a final
Southampton also currently meet the quota as Chelsea loanee Lesley Ugochukwu midway through August.
In addition to this, there is a maximum of four loan signings that can be made in the same season.
Clubs are also prohibited from having more than one loanee from the same team at any one time.
The upcoming transfer window opens for Premier League clubs on January 1 and closes on February 3 at 11:00 pm.
It provides teams with a final opportunity to bolster their squads ahead of the second half of the campaign.