The foxes are reported to be demanding the said amount before releasing the player.
Crystal Palace’s £7million have already been rejected by Leicester City who still sees the left wing-back as a key assert.
Schlupp have struggled to earn regular playing time at the English Champions hence wants to leave the Club.
His lack of first team action at Club level cost him a place in the Black Stars team for the Africa Cup of Nations in Gabon.
An agreement on a £12million deal could see the 23-year-old joining Palace in the second round of the English Premier League.
Leicester City rejected a £ 9 million offer from West Bromwich Albion for the player.