Iborra swapped Andalusia for Leiecester in the summer of 2017, in a deal worth £15m, and it is believed Leicester would like to recoup this fee.
The Spaniards need cover for Maxime Gonalons - the French midfielder has broken his leg and will be out until March at the earliest following surgery.
The player himself would also be keen on a return to his homeland. Iborra has made only six appearances this season, and the promise of more regular football would be an enticing one.
According to the 'Daily Mail', talks were opened last week as Sevilla look to strike a compromise with the 'Foxes'.