Lita is available on a free transfer after being released by Reading at the end of last season and the England Under 21 international is being chased by a string of clubs.
Crystal Palace have previously expressed an interest, while fellow Championship sides Middlesbrough, Newcastle and West Brom have also been linked with offers.
League One champions Leicester are also understood to be keen on Lita, with Mandaric admitting discussions are ongoing with a mystery front man.
Mandaric told the Leicester Mercury: "We are working as hard as we can on the striker situation to see if we can bring someone in.
"But we're talking about someone who can make a difference. There are a lot of strikers around, but we need someone who can add a different dimension.
"There's little point in signing someone who is not going to bring any more that we already have."