The 28-year-old Belgium international was on loan with Torino in the 2021-22 campaign and enjoyed the experience, but the two clubs could not agree on a fee for a permanent transfer.
He returned to Leicester, where he made only nine appearances this season in all competition, contributing one assist.
According to Tuttosport, Torino are trying again to bring Praet back to the Stadio Olimpico Grande Torino, with a proposal worth under €5m compared to the asking price of €9m.
To make matters more complicated for the Granata, there are other Serie A clubs also interested in signing Praet, including Sassuolo, Sampdoria and especially Bologna.
Praet is no stranger to Italy, as he wore the Sampdoria shirt from 2016 until his €19.2m sale to Leicester City in the summer of 2019.