The Argentinian international has only one year left on his current contract. Thus, Leicester have decided to sit down with the player and discuss his future.
He was expected to leave Leicester this summer, after threatening to go on strike during the January transfer window.
Leicester Manager Craig Shakespeare respects the player's talents and wants to continue working with him. Ulloa played a very important role during Leicester's unlikely Premier Leauge victory in 2015.
Former Leicester City coach Ranieri rejected a £7.5m offer from Sunderland for Ulloa. It remains to be seen if the Argentinian international will decide to leave the King Power stadium or if he will stay.