Leicester City have rejected a loan offer from Panathinaikos for left-back Victor Kristiansen, LeicestershireLive understands. The Greek side were credited with interest in Kristiansen over the weekend with their head coach, Jakub Nistrup, keen on a reunion with the Denmark international. Nistrup was in charge at Copenhagen when the wing-back moved to England in 2023. Kristiansen has two more years remaining on his current contract at the King Power Stadium. He cost the Foxes around £17million in January 2023. The 23-year-old played 30 times in the Premier League in the 2024/25 campaign before a broken jaw and serious knee injury limited his availability last term. As part of the anticipated rebuild of the squad at Seagrave, Kristiansen is expected to part ways with the club this summer. In May, he told Tipsbladet that he didn't join City to be a League One player following relegation to the third tier. Transfermarkt.com currently values the former Copenhagen defender at €9m (£7.7m). Russell Martin's appointment as manager at the club means the transfer business could gather pace over the coming weeks. The 40-year-old is expected to work closely with Jon Rudkin and James McCarron in building the playing squad for the 2026/27 season. Panathinaikos had entered negotiations with Leicester over a possible loan deal, with the option to buy next summer. However, a loan proposal has been turned down by City, who will likely prefer a permanent exit rather than a loan which doesn't guarantee a fee. The club's transfer plans are expected to become clearer in the coming weeks, with Martin's influence set to shape the squad. Kristiansen's future remains uncertain, but it's clear that he won't be part of Leicester City's plans for the upcoming season.