Fryatt, 23, has netted eight goals this season and Black Cats boss Steve Bruce has already had the striker watched twice.
Leicester boss Nigel Pearson insists he is not for sale - but will do well to keep hold of a player who scored 32 goals last term.
That earned Fryatt the League One Player of the Season award. However, Bruce faces competition from Hull City boss Phil Brown, who was interested last month but was put off by the Foxes' asking price.
But if Fryatt keeps up his rich vein in form, Leicester should have no problems attracting bids.
The highly-rated hitman scored twice at Watford on Saturday, making it four in his last three games for the Championship club.
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