Bent has been on loan for the whole season at The Walkers Stadium, and Town are unlikely to want to continue paying his £18,000 per week wages.
At the time of the loan being set up by Town, it was agreed that should Leicester wish to sign the former Blackburn man at the end of the loan spell, they could do so without charge.
Bent cannot return to Town to take part in the play-off's as season long loans do not end until 30th June 2004 and the player cannot be recalled.