Musa has struggled to establish himself in the Craig Shakespeare’s squad in his debut season in the English Premier League and could move to the KCOM Stadium temporarily for regular playing time.
The 24-year-old forward who joined the Foxes last summer for a fee of €19.5m, scored twice in 21 league games last season.
“We have some loan options and maybe at the end of the transfer window getting players from the Premier League is possible,” Slutsky told Hull City Daily Mail.
“We are waiting for the decision of big clubs on some players.
“He is not our player but, of course, every coach is better working with players he knows and I worked with Musa for four years. I know him and he knows me, it is normal.
“His position is not the only important one though in this situation.”