Pennant, 14, is viewed amongst one of the brightest youngster in the country, and Arsenal are poised to bring him to the Emirates.
Leicester City know they have a young talent on their hands and will be desperate to keep hold of him, with many comparing him to Arsenal legend Thierry Henry.
Pennant, who can operate done either flank or through the middle, is a regular for the Under-16 side and was scouted by Arsenal during Leicester City’s game against Southampton in which he bagged a brace.
The Sun claim an Arsenal offer is in the pipeline, which would include a several add-ons.
With his deal set to expire at the end of the season, Leicester City look resigned to losing the teenager, who has also caught the attention of Manchester United.
Big things are expected of Pennant and it appears he will either sign for Arsenal or Manchester United this summer, if reports are to be believed.