Rennes signed Lepaul from Angers last summer for around €13.5million, and the 26-year-old repaid that investment emphatically, scoring 21 goals and adding five assists in 34 Ligue 1 appearances to finish as the division's leading scorer.
He continued that form into the new campaign, getting on the scoresheet in Rennes' 2-2 draw against reigning champions Paris Saint-Germain at the weekend.
According to L'Équipe, Manchester City and Aston Villa have both registered their interest in the France international, who is under contract until 2030 after signing an extension on the back of last season's exploits.
City's need stems from Omar Marmoush's expected departure, while Villa are searching for attacking reinforcements with Ollie Watkins closing in on a move to Saudi Pro League side Al-Hilal. Atlético Madrid, Napoli and Como have also been credited with longstanding interest in the forward.
Rennes, however, are expected to do everything in their power to keep hold of their star man for a second consecutive season, having already moved to tie him down with fresh terms once his importance to the club became clear last season.
There is no suggestion that either City or Villa have gone beyond monitoring the situation at this stage, with Rennes' resistance likely to make any approach a difficult and potentially costly one before the transfer window closes.
Villa in particular have been exploring several attacking options simultaneously rather than committing to a single route, having opened talks over Rafael Leão and previously made an approach for Nicolas Jackson, meaning Lepaul currently looks more like a contingency plan than an advanced target as the closing days of the window approach.
Lepaul's rapid rise has been one of the more striking stories of the season so far, having joined Rennes from a club, Angers, that occupies a much more modest position in the French football hierarchy.
His combination of movement, finishing and physical presence has drawn favourable comparisons with some of Ligue 1's more established centre-forwards, and continued performances at this level are likely to keep his name firmly in circulation among Europe's leading clubs regardless of Rennes' determination to keep him beyond this window.