The 32-year-old joined Birmingham in 2011 from Midlands rivals Coventry City and has scored over 30 goals since arriving - and is currently top-scorer for the club.
But Birmingham are struggling hugely financially, and are understood to have told a number of players that if they find a new club - they would be able to leave.
Indeed Sky Sports understands that King could leave on a free transfer, despite have 18-months left on his current deal.
Whilst King is settled at St Andrews and is happy, a host of clubs have been alerted to the fact he could be an option.
Former club Wigan, Norwich, Cardiff, Blackburn, Bolton and Nottingham Forest are thought to be monitoring his situation.
Along with King is it thought that the futures of big names such as Jack Butland, Nathan Redmond, Chris Burke and Nikola Zigic are very much up in the air.
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