By Pete O'Rourke

2nd Aug, 2022 | 9:10am

Sources: Leicester City respond to Newcastle United's club-record new James Maddison bid

Leicester City have rejected a second Newcastle United bid for James Maddison, sources have told Football Insider.

The north-east outfit returned to the negotiating table with an improved £50million offer after their opening bid of £40million was rejected on Friday by the Foxes.

But Leicester have knocked back the follow-up move as they hold out for their asking price for Maddison.

Football Insider revealed on Monday (1 August) that Leicester value Maddison at around £60million and will let him go at that sum.

The second Newcastle bid for the playmaker is a club record and dwarfs the £40million paid for Joelinton two years ago.

Leicester boss Brendan Rodgers has insisted he will not let the club be “exploited” in the transfer market despite admitting the Foxes’ financial situation is “not ideal”.

Subscribe to Football Insider TV now

The Midlands side are the only Premier League club not to sign a single senior player this summer and need to sell to raise funds for purchases.

Maddison, who has two years remaining on his contract at the King Power Stadium, notched 18 goals and 12 assists in the 2021-22 campaign.

Newcastle have been among the league’s biggest spenders since their mega-money Saudi takeover last year (2021) and have already been active in the market this summer.

Nick Pope, Matt Targett, and Sven Botman have all joined the St James’ Park club as Eddie Howe attempts to transform the Magpies.

Meanwhile, Leicester legend Kasper Schmeichel is close to completing a move to Nice and Wesley Fofana has been linked with Chelsea.

Newcastle start their 2022-23 campaign against Nottingham Forest, while the Foxes take on Brentford.

In other news, finance guru rubbishes “media narrative” as fresh Newcastle United business details emerge.