Tielemans joined the Foxes on loan from Ligue 1 side AS Monaco during the January transfer window, and has impressed in the Premier League so far this season.
The 20-cap Belgian international midfielder has one goal and five assists to his name for the Foxes so far since joining in January.
The report is according to Belgian outlet HLN, which claims Spurs and the Red Devils have joined the race to land him in the next transfer window.
Tielemans is valued at £40m by Monaco, as they look to make a profit on the Belgian international following his good form for Leicester.
The report further claims that Brendan Rodgers’ side are willing to meet Monaco’s asking price for Tielemans, thus breaking their current club-record when the signed Algerian forward Islam Slimani from Portuguese club Sporting Lisbon for £30m in 2016.
However, Tottenham and Manchester United’s reported interest in the 21-year-old could be a major stumbling for Leicester, with the possibility of joining a team with Champions League football on offer undoubtedly hard to refuse.