The 28-year-old has fallen out of favour at Goodison Park and has made just six starts for David Moyes' men this season, scoring once for the Toffees.
And, a source at the Premier League club has revealed that at least one Championship club has made an enquiry about the Nigerian International's availability.
Whether Yakubu would be willing to drop a level to the Championship remains to be seen and Leicester's position in the Championship table may become an unfavourable factor as Eriksson looks to bring in high quality players in order to continue the Foxes' play off push.
Aston Villa's John Carew is another talisman supposedly on Eriksson's transfer radar. The unsettled Norwegian has lost his place at Villa Park under Gerard Houllier and the Villain's may look to cash in.
Meanwhile, the City boss is still locked in negotiations with Tottenham Hotspur regarding Kyle Naughton's future. The youngster's loan spell at the Walkers Stadium has expired but Eriksson is desperate to keep hold of the full back for the forseeable future.
Another Full-Back, fans favourite Bruno Berner has said that he is still likely to leave the Walkers Stadium this month in a bid to gain regular first team football.