The 21-year-old has been linked to Chelsea, but Rodgers said the Midlands club is aiming to hold on to the promising youngster.
"We're not looking to sell. Naturally, if there's interest from other clubs, that is looked at by the club," Rodgers said.
"He's a top young defender, and there are not too many around his age."
Leicester signed Fofana on a five-year deal from St Etienne in October 2020 and went on to finish fifth in the Premier League as he was named their young player of the season.
"Another year here for him at least would be really important for his development, but he is quite calm and relaxed in the situation," Rodgers added.
"He is aware of the interest. He understands where we are as a club and where we see him."
Fofana suffered a fractured fibula in a 2021 preseason friendly against Villarreal that kept him on the sidelines until March.
Leicester visit Arsenal on Saturday in their second league game of the season.