Ebanks-Blake is a free agent after leaving Wolves following the expiration of his contract at Molineux.
The 27-year-old has been training at Wolves as part of his rehabilitation from a broken leg, which he sustained last April and he is now back to full fitness.
A number of clubs have been linked with Ebanks-Blake and now Leicester are considering a move for 27-year-old to bolster their attacking options.
Foxes boss Nigel Pearson is keen to add to his squad in January as he looks to maintain their push for promotion and with Ebanks-Blake being available on a free transfer he is an attractive option for Pearson.
Burnley have also been credited with an interest in Ebanks-Blake with Clarets chief Sean Dyche keen to bring in some cover for Danny Ings and Sam Vokes.