The Baggies' Spanish head coach is on the radar of the Premier League Foxes as they hunt a replacement for Steve Cooper, who was axed over the weekend.
Former Manchester United striker and recent caretaker boss Ruud van Nistelrooy remains favourite with bookmakers for the head coach role but Corberan, who has been admired by the Foxes before, is a contender.
The link comes as Albion's form continues to stutter under the Spanish head coach. Tuesday night's stalemate at Sunderland was an eighth draw in nine games and a sixth goalless draw of the season.
The Baggies have won just once in 11 games and have slipped a couple of places to seventh in the Championship.
Graham Potter, the former Albion defender and Brighton and Chelsea boss, was believed to be a top target but was not interested in talks. David Moyes is also not in contention.
Corberan told the Express & Star after Tuesday's draw: "I can only say how focused I am at West Bromwich, how proud I feel to be the coach of this amazing club.
"I understand that football always has speculation around, but I didn't even know that Leicester's coach was sacked, for example, until last night. There is so much speculation that can appear out of my control."
Corberan is yet to sample experience of managing in the top flight, but it is unknown whether the Foxes would deem that inexperience as too much of a risk.
Van Nistelrooy spent a period on Erik Ten Haag's backroom staff at Old Trafford before a relatively successful interim period.
The Spaniard is contracted at The Hawthorns until 2027, having penned an extension to his deal in early 2023. It is understood he has a release clause in his contract.
Corberan has previously been on Leicester's radar. It is also understood the Spaniard's representatives have close ties to Leicester, where they work with current and previous high-profile employers.
Corberan was at pains to suggest he hopes Albion fans do not feel disrespected by speculation.
He added: "I am completely focused in my work, my club, to get better form, to give fans better results and hopefully our fans don't feel any type of lack of respect because there are always things in the media we cannot control."
The Foxes are 16th in the top flight having won twice from their opening 12 games under former Nottingham Forest boss Cooper, whose tenure lasted just a few months.
Leicester were previously subject to a potential financial fair play-related points deduction, but won their case against that earlier this season.