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Sunderland have had a £3 million offer for out-of-favour Leicester City striker Leonardo Ulloa rejected, according to Sky Sports.

The Black Cats are desperate for January recruits but David Moyes has a limited budget to work with in his search for new players.

Ulloa played a part of Leicester’s mesmeric Premier League title success last season, but the summer arrivals of Islam Slimani and Ahmed Musa have impacted him this term.

With the Argentine struggling for opportunities to play under Claudio Ranieri in 2016-17, it is believed that the South American has requested to leave the King Power Stadium.

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Ulloa’s arrival at Sunderland would take some of the goalscoring pressure off Jermain Defoe’s shoulders and give the Wearside club an additional option in the final third.

Moyes’ side appear to need a minor miracle to avoid relegation to the Championship and currently sit bottom of the Premier League table.

However, for Ulloa to potentially be Sunderland’s saviour, an increased offer will seemingly be needed to pry him away from Leicester.