Fowler, 32, is currently in negotiations with the Australian side following his release by the Reds at the end of last season, while Championship rivals Cardiff are also in the race for his signature.

Mandaric told the Leicester Mercury: "Our rebuilding is not completed yet. We are still looking for more power up front and Fowler could give us that.

"I have been talking with his representatives and we know there is competition for him but it is not always about money. I think we would be the right club for someone really looking for the right challenge."

The Foxes have made 11 signings this summer but just one, Carl Cort, has been a striker.

Manager Martin Allen has been strongly linked with a move for Birmingham's DJ Campbell, whom he signed as Brentford boss for just £5,000 in June 2005 before selling him to the Blues for £500,000 six months later.

Mandaric added: "We will see what happens through the pre-season and into August but I said right away this would be a major rebuilding job for the club and that is still the case."