QPR have rejected a £12m bid from Leicester for Charlie Austin.
The offer is the first Rangers have received for the 25-year-old striker despite numerous reports of both bids and approaches from a number of clubs.
He has a year left on his contract and is expected to leave Loftus Road following Rangers’ relegation from the Premier League.
QPR want £15m and are holding out for better offers amid speculation that several clubs are interested.
Austin, who was playing non-League football less than five years ago, earned an England call-up after scoring 18 Premier League goals last season – his first campaign in the top flight.
He has scored a total of 38 goals since being signed from Burnley two years ago and played a key role in helping Rangers win promotion the season before last.
Leicester, meanwhile, are currently without a manager after sacking Nigel Pearson.