Monga has made 28 appearances across all competitions this season, scoring once and providing two assists. He is the third-youngest player in Premier League history, having made his debut last season at 15 years and eight months old, behind only Arsenal's own Ethan Nwaneri and Max Dowman. He is also a regular for England Under-19s.
Leicester have agreed a professional contract with Monga that will begin when he turns 17 this summer, but that deal does not secure his future at the club. The Foxes are four points adrift of Championship safety and facing the prospect of League One football for the first time since 2009, a situation that significantly strengthens the case for a departure.
Arsenal are long-term admirers and are considered the leading suitor at this stage. Chelsea, Liverpool, Manchester United, Newcastle United and Tottenham Hotspur have all also registered interest, with the Telegraph reporting that formal approaches from several clubs are imminent. Under current regulations, he could be available for as little as £2 million in compensation.
The Gunners have been one of the most active clubs in the youth recruitment market in recent seasons, signing Jaden Dixon from Stoke and Evan Mooney from St Mirren in January, as well as agreeing deals for Ecuadorian twins Edwin and Holger Quintero and Irish midfielder Victor Ozhianvuna.
Leicester insist they hope to build around Monga and their other young talents, but their grip on him will depend almost entirely on whether the club can avoid dropping into the third tier.