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The 27-year-old has been with Saints since the summer of 2018 , when he arrived after a seven-year spell in the Bundesliga, where he played with Hoffenheim, Werder Bremen and most recently Borussia Monchengladbach.
He caught the eye of the Foxes during the January transfer window, but having come close to a move, the deal was unable to get over the finishing line as manager Ralph Hasenhuttl vetoed the switch.
Having struggled to break into Hasenhuttl’s starting XI, however, his price will be cut from the £26 million ($32m) that was poised for completion six months ago.
Goal understands that Vestergaard will leave St Mary’s this summer, with several other interested parties if Brendan Rodgers’ side fail to land their man once more.
Nevertheless, the defender admits that his immediate focus is on finishing the season strongly with Southampton.
Speaking to Ritzau , he said: “I have had no dialogue with the club regarding the future, so I can't really comment on that, but I see it like this: anything can happen in the transfer window. Right now my only focus is on the injury and the rest of the season with Southampton."
“I have picked up a muscle injury in my thigh, and since this is the first muscle injury in my career, I don’t know exactly, how serious it is. But with this tight match schedule, it could quickly cost me a few games,” he said.
“It is always frustrating to get injured, especially now, when I come from a good performance in our latest game against Watford, which I wanted to build upon in the upcoming matches starting with Manchester City.
“I see it as a typical ‘post-corona injury’, and from what I hear, there have been many of this kind of injuries in the last few weeks.