The Trotters are keen to take the 20-year-old striker with a view to a permanent deal but the Foxes are believed to have turned down the bid.
The Ghanaian youngster has a burgeoning reputation and has recently spent several weeks on trial at Manchester United.
Schlupp scored a hat-trick on his Leicester debut in 2011 but has made just nine appearances for the club so far this season.
The Ghanaian youngster has a burgeoning reputation and has recently spent several weeks on trial at Manchester United.
Schlupp scored a hat-trick on his Leicester debut in 2011 but has made just nine appearances for the club so far this season.