The Internacional midfielder has been heavily linked with a summer move after another impressive tournament for Chile at the Copa America, with the Foxes reportedly tabling a bid that has bettered that from the German club.
However, Aranguiz says he has no desire to move to the King Power Stadium ahead of Bayer, who will play in the Champions League next season, and insists that money is an unimportant factor in his decision.
"The president told me there's a bid from Leicester and it's good for the club," Aranguiz told Globo. "But for me, Leverkusen is important.
"I am not talking about money. Between Leverkusen and Leicester, the best is Leverkusen; they're a bigger team. I want to go."
Aranguiz also explained that he needs to leave Brazil to further his career, and is no doubt aware of the springboard Bayer provided for Arturo Vidal, who left the Germans for Juventus before returning to the Bundesliga with Bayern Munich.
“I am 26 years old, and am at a stage where I need to go a step further,” he added.