The Argentine striker wants to stay at Leicester, as Craig Shakespeare told him that he is part of his plans for the upcoming season.
Ulloa has one year remaining on his contract, and is waiting to sign a contract extension.
Former Manchester City player Ihenacho should complete a move to the King Power Stadium in the next few days.
Ulloa moved to Leicester from Brighton in 2014, and he won the Premier League with the Foxes in the 2015-16 season.