The Foxes tried to sign the forward from Bundesliga club Mainz in January, but saw their attempts rebuffed by the German outfit.
However, Leicester manager Nigel Pearson is believed to still be interested in bringing Okazaki to the King Power Stadium and will try to tempt Mainz into selling by offering £8million for the 29-year-old.
Leicester are on the verge of staging a remarkable turnaround in their bid for Premier League survival, as they currently sit three points above the relegation places with just two matches remaining in the season. Should the Foxes retain their spot in the top flight, Pearson is likely to have considerably more money to spend than if they were relegated, meaning a big-money move for Okazaki is certainly a possibility.
However, Mainz director Christian Heidel insists that the club do not have to sell the striker if they don't want to, with the club currently sitting in a satisfactory financial position.
"There is no economic necessity to sell him, even though his contract expires in 2016. That's the difference with previous years," Heidel told Bild.
Okazaki joined Mainz from VfB Stuttgart in July 2013 and has gone on to make 66 appearances for the club, scoring 29 goals.