Reports had suggested Maguire's heart was set on joining Premier League champions Manchester City, but United have pushed ahead in the race to land the former Hull star.
However, it has now emerged that United's latest bid will not be enough for the Foxes to sanction a deal - despite the huge money on offer.
Talks between both Manchester clubs and Leicester have been ongoing for several weeks but Sky Sports claim a deal is still someway off despite United's new offer.
It is believed owner Aiyawatt Shrivaddhanaprabha will only agree to sell Maguire if they receive a bid in excess of the £75m Liverpool paid for Virgil van Dijk.
The deal to take the Dutchman from Southampton to Anfield in January of last year made him the most expensive defender in history.
Maguire is understood to be content at Leicester and will not try to force through a move, although remains open to joining either United or City this summer.
Both clubs had indicated that they would be ready to splash out £65m on Maguire initially, but the Red Devils have increased their offer.
Leicester believe United's £50m signing of Aaron Wan-Bissaka from Crystal Palace has set a precedent, with the right back not matching up to Maguire in terms of being proven at the highest level.
The 26-year-old - along with all of the club's other international players - is yet to return for Leicester's pre-season schedule.
MailOnline
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