The Premier League duo have been linked with the Italian international for some time and were believed to be readying winter moves for his signature.
However, wealthy Ligue 1 giants Monaco are plotting a £25m move for the 27-year-old.
The newly promoted side made a big splash over the summer by spending well in excess of £100m to lure big name players such as Radamel Falcao, James Rodriguez and Joao Moutinho to the Stade Louis II.
Despite their heavy investment, the Russian-backed club are said to be ready to wade into the transfer market once again when it re-opens in a bid to bolster their squad and stay in the fight for the French league title.
Marchisio is thought to be one of manager Claudio Ranieri’s top targets.
As well as the Serie A ace, Monaco are also thought to be tracking Barcelona’s Victor Valdes, Jeremy Menez of rivals Paris Saint-Germain and Premier League target Eliaquim Mangala.
Despite being in their first season back in the top tier, the Mediterranean side are hopeful of claiming the title and qualifying for the Champions League.
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