Reports had suggested the Thai businessman Vichai Raksriaksorn was on the verge of buying a majority stake in the Foxes.
The club have not confirmed the identity of a buyer, but confirmed discussions had taken place.
"Leicester City can confirm that talks are ongoing regarding potential investment, but no deal has been completed at this time," read a statement.
"We believe that the potential investors would make excellent partners to take the club forward but reiterate a deal has not been completed and as ever, we will only act in the interests of the club and our supporters."
The Norwich City forward Grant Holt was convicted of a motoring offence after failing to arrive at Market Drayton Magistrates' Court in Shropshire on Friday.
Holt, 29, was expected to attend before driving to Carrow Road for the Canaries' opening game of the season against Watford.
Watford have completed the signing of forward Troy Deeney from Walsall. The Hornets will pay the Saddlers £500,000 for the 22-year-old, who scored 27 goals in 132 appearances at the Midlands club.
Portsmouth are still waiting to complete the registration of Jaime Ashdown and Stephen Jordan in time for Saturday's Championship game against Coventry City.
Although the South Coast club are under a transfer embargo, the Football League have given them permission to sign three players to bring their squad up to minimum levels.