The Belgian international has been linked with a move away from the King Power Stadium and recent reports have suggested Newcastle and Arsenal have both registered an interest.
Their hopes of landed Tielemans looked to have received a boost earlier this week when there were reports Leicester were willing to accept an offer of around £25million for one of their prize assets.
The 25-year-old is now in the final 12 months of his current deal with the Foxes and there had been suggestions a one-year extension has been offered.
It now seems highly likely Tielemans will remain as part of Brendan Rodgers’ squad beyond the 11pm deadline on Thursday - but doubt remains over his long-term future at the club.
Former Germany international Hamann - who had a one-season stay on Tyneside in the last 1990s before departing for Liverpool - has suggested he would be a ‘brilliant’ addition for two of his old clubs.
“I would have liked to have seen him at Liverpool, I think he’s a brilliant player,” he told Sky Sports on Thursday afternoon.
“If Newcastle were able to get his service, they have made a brilliant transfer because I think he’s been one of the stand-out players at Leicester over the last few seasons.
“I think he would probably be the missing piece in the midfield for Newcastle and if they were to secure his services I think it would be a brilliant transfer for Newcastle.”
There have been suggestions Tielemans could depart Leicester on a cut-price deal during the January transfer window.
The midfielder would also be able to secure a pre-contract agreement with a club in Europe as he entered the final 12 months of his deal.