According to a report from the Daily Mail, Brighton is in talks with AZ Alkmaar to sign him.
Chris Hughton guided his side to an impressive 15th placed finish in the Premier League table last season, but the Seagulls undoubtedly need to bolster their attacking department.
Iranian media said earlier this month that Leicester was on the verge of signing the 24-year-old, but a move to the King Power Stadium has so far failed to materialize.
It now appears that the Foxes will face competition from Brighton for the Iran international forward's signature.
Brighton is thought to be in talks with AZ Alkmaar over the possibility of signing Jahanbakhsh in a deal believed to be worth £20 million.
The lively front-man was on fire in Holland last season, chalking up an impressive 22 goals and 14 assists in 39 appearances in all competitions.
He can play anywhere along the front-line, and would undoubtedly provide Brighton with more of a cutting edge in the final third.