Foxes boss Claudio Ranieri is expected to significantly strengthen his squad this summer as the Barclays Premier League champions look to defend their title next season as well as juggle the demands of Champions League football.
Leicester tried to sign Nigeria international Musa in January and had a bid turned down but are reported to have returned with a new offer thought to be in the region of £22million.
Speaking to Russian sports channel Match TV, CSKA boss Leonid Slutsky said: "The British club offered a bit less than ?30million (£22.86million)
"A few days ago, Musa approached me and asked: 'When is he [Claudio Ranieri] back from holiday?' I told him: 'I am not Ranieri, I do not know.'
"I do not know for sure [if Leicester have resumed negotiations] because these negotiations are dealt with by management, but I think the probability is very high."
Musa scored 18 goals this season as CSKA won the Russian Premier League title and the 23-year-old is currently away on international duty with the Nigeria squad
Meanwhile, reports in Germany suggest Hoffenheim will try to sign Andrej Kramaric on a permanent deal following the Leicester striker's impressive loan spell with the Bundesliga club
Kramaric, who joined the Foxes in January last year in a £7million deal, spent the second half of the 2015-16 campaign at Hoffenheim and scored five goals with four assists to help them avoid relegation
Source : PA
Source: PA