Sky Sports issue James Maddison update after Newcastle have £40m bid rejected by Leicester

A huge piece of breaking news has emerged on the Toon transfer front this morning, with The Telegraph revealing that we'd had a £40m bid rejected for Leicester City's James Maddison.

John Percy - The Telegraph's chief reporter in the Midlands - reported that the 25-year-old has been identified as a 'key target' by Eddie Howe, and Sky Sports have since issued their own update on a potential move.

They reveal that Newcastle are now deciding whether to go back in with an improved offer, with Sky Sports stating that Leicester's valuation is 'closer to £60m.'

So, if that's true, there's currently a £20m gap between our opening bid and the amount Foxes chiefs would be willing to accept.

With the player's contract set to expire in less than two years time, it makes you wonder if a compromise could be reached at around the £50m mark?

Who knows, but this is a seriously exciting link, with Maddison a Premier League proven attacker who could operate in a midfield three or on the right-hand side, with him bagging four goals and five assists in 11 appearances when used on the right last season.