Cash-rich Chinese Super League powerhouse Shanghai SIPG FC are reportedly set to battle English Premier League giants Arsenal and Chelsea for the signature of Leicester City's £35 million-rated midfielder N'Golo Kanté this summer.

The 25-year-old France international, who is set to compete with his national squad against Portugal in the final of the 2016 UEFA European Championship this Sunday, is said to be in the crosshairs of English clubs Arsenal and Chelsea for quite some time now after he helped the Foxes capture the 2015-2016 Premier League title last term.

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Aside from the Gunners and the Blues, big-name clubs Real Madrid, Paris Saint-Germain, and Juventus are also interested in acquiring the services of the Paris native, according to the Daily Star.

However, head coach Sven-Göran Eriksson's SIPG squad is said to be keen on overtaking all the aforementioned European clubs by submitting a £35 million bid for the Frenchman and it looks like they will find success in this one. The report noted that "clubs from the Chinese Super League believe they can offer whopping wages and huge fees European sides simply cannot match".

Manager Claudio Ranieri and Leicester City are said to be "not prepared to part" with their prized midfielder, who former Man United boss Sir Alex Ferguson acknowledged as "the best player in England last season by a long way", but a whooping offer from the Far East nation could be something that is difficult to resist for City.

Meanwhile, the Mirror indicated that the Foxes' hierarchy "are not prepared to lose Kanté without a massive fight" just like what they did when the Gunners recently approached top striker Jamie Vardy, which they won as they retained the English star.

But the Frenchman's agents are said to be trying to sell him to clubs all over the world as they plan a mega-deal Leicester exit for their client.

There were speculations that Kanté actually has a release clause in his current contract and that Real and Juve are both prepared to pay whatever amount it is.

Kanté still has three years left in his deal with Leicester City.

TagsChina Football, Chinese Super League, Chinese Super League rumors, Shanghai SIPG FC, N'Golo Kanté, Arsenal FC, Chelsea FC