David Ornstein: Why Arsenal snubbed Leicester City transfer as Man City swoop for Jeremy Monga | OneFootball

The 16-year-old has been the subject of intense transfer speculation

Leicester City's unwanted feat of back-to-back relegations from the Premier League to League One means that plenty of changes have already been, and will continue to be made ahead of the start of the new season next month.

The Foxes' fall from grace has been well-documented, with it also coming a decade on from their 5000-1 Premier League title-winning campaign under Claudio Ranieri.

However, just a matter of years on from such an unprecedented success and further stints in various European competitions, the King Power Stadium will be hosting third tier football for just the second time in the club's history.

The East Midlands side's darkest period on the pitch has also coincided with a backdrop of financial uncertainty off it, with relegation from the Championship in 2025/26 also coinciding with a six-point deduction which was served by the EFL after a prior breach of the governing body's PSR regulations.

Leicester were also relegated with what was said to have been the division's highest wage bill by some distance, but neither Marti Cifuentes nor Gary Rowett were able to halt the club's slide,

Russell Martin has since been appointed on a three-year contract, in what is his first taste of League One management since his spell at MK Dons between 2019 and 2021.

A number of key decisions are awaiting the 40-year-old, but one outcome which has been expected for some time is the sale of highly-rated England youth international winger, Jeremy Monga, and a new update has now dropped on that front.

Man City swoop for Leicester City winger Jeremy Monga as Arsenal transfer snub revealed

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The 16-year-old has become one of the hottest properties in the EFL over the past year or so, despite initially breaking onto the first-team scene at Leicester during their most recent Premier League term under Dutch boss, Ruud Van Nistelrooy.

After shining in the club's academy setup, the former Manchester United striker handed the Coventry-born prospect his senior debut in April 2025 in a 3-0 defeat to Newcastle United, in turn becoming the youngest-ever player to play for City.

Manchester City were then among a glut of Premier League sides looking to tie down Monga, before he rejected their advances to sign a scholarship contract, which would turn into a professional deal next week when he turns 17 years of age.

The 10-time England Under-19 international then became the Championship's youngest-ever scorer 11 months ago with a neat finish in a 2-1 loss to Preston North End at Deepdale, before ending the season with 30 appearances under his belt across all competitions - albeit his gametime under Rowett was significantly reduced.

With Leicester needing to now balance the books after relegation, Monga and Abdul Fatawu have been the duo attracting the heaviest transfer interest, and the former had been the subject of strong interest from Premier League champions, Arsenal.

Indeed, after holding club-to-club talks over a deal, the Gunners recently saw a bid of £5m, plus add-ons, turned down, and they have now decided not to press forward with any further offers as Leicester have stood firm with a £10m valuation, which they see as too high, as per the Athletic's David Ornstein.

This, therefore, has allowed Man City to edge closer to a deal themselves, with former Foxes boss, Enzo Maresca, now at the Etihad Stadium helm after Pep Guardiola's exit.

Leicester City fans will now have further intrigue over Jeremy Monga's future as Man City deal looms

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Maresca was a popular figure during his sole season at the King Power in 2023/24, and it is no surprise that he is said to hold a key influence in the North West side's current push for Monga's signature.

At just 16 years of age, though, there will not be any immediate pressure for him to be a starter or game-changer at the Etihad as City look to reclaim their Premier League crown from Arsenal under the Italian.

However, it means that Leicester supporters will only have further intrigue when it comes to seeing how their academy graduate's future career pans out, especially if he and Maresca remain at Man City for many years.

As for the League One side in the here and now, they could potentially recoup £30m for Monga and Fatawu's signatures alone, which would go a long way to addressing any financial shortcomings and allowing Martin to oversee a major rebuild.