If he stays and they keep hold of Madison et al with the signings which seem pretty decent and ambitious ones, their's no reason Leicester couldn't challenge for 4th, I think City,Liverpool,Spurs are pretty secure but Chelsea, Arsenal,Rags all look passable for the likes of Leicester,Wolves,Everton ( All 3 in an idea scenario)
If the rags do get him for silly money I just don't think hes that good to fix all their defensive issues, and although he'll improve the rags for sure I'ld still fancy Leicester to spend the dosh of 2/3 players and be capable of finishing above the rags whilst the rags generate more financial mismanagement and have another player on huge wages who everyone else wants parity with.
The only minor downside to this would be I'ld no longer to be able to say come on sladhead get ya slabhead on it at England corners.