According to La Gazetta dello Sport, the Portuguese winger is available for around £43 million, with many clubs tempted to trigger that asking price.
Leao was once worth closer to £100m a couple of years ago, but with his form dropping significantly and his contract expiring in June 2028, clubs could land a potential bargain.
Still only 26-years-old, Leao has arguably his best years ahead of him, and his frightening pace and power will be on display for Portugal at this year's World Cup.
Before then, though, movement involving the explosive winger could happen, with La Gazzetta dello Sport journalist Luca Bianchin claiming that Galatasaray have offered him €10m per season plus bonuses.
The Turkish giants have made the first move to capture his talents, but with several top European and Premier League clubs in the mix, the race for his signature is far from a foregone conclusion.