"He does have other options, but Leicester is very interesting to him," Geerlings had told BBC Radio Leicester.
Earlier this week, Mandaric had said the club's attempts to sign Davids were proving frustrating but told the fans they should not be too quick to accuse the player.
"If somebody wants to come here I expect him to be showing a little bit more sense of urgency," Mandaric said. "We need any member of this club to have the desire to come and join us as quick as possible.
"But I think maybe it's unfair to blame the player. Sometimes the agents are trying to see what else they can get out of it and I think it could be coming from them.
"He showed interest and now the only question is if he can agree financially. We believe we have given him a fair offer but we are not going to break the bank. We have to be sensible."
Davids had an 18-month spell with Spurs in the Premier League
Signing a player of such renown would have been a remarkable coup for the Championship side.
The Foxes only returned to the second tier of English football this term after a season in League One but have made a promising start to their Championship campaign.
Suriname-born Davids began his career with Dutch giants Ajax in 1991 and went on to win the Champions League with the Amsterdam side in 1995.
He then moved to AC Milan in 1996 before joining Italian rivals Juventus a year later and has been a European Cup runner-up on three other occasions.
He has also won domestic league titles in Holland and Italy.
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