Collins signed for the Clarets last year and made 19 appearances in the Premier League as Burnley could not avoid the drop down to the Championship.
The centre-back faces a season in the Championship if he stays at Turf Moor, but he looks set to have options in the Premier League.
Leeds have been linked with holding an interest in the 21-year-old and they are monitoring his situation at Burnley.
However, Aston Villa and Wolves are also keeping a close eye on Collins as they mull a possible swoop to sign him this summer.
The Villans want to further bolster their defence after acquiring Diego Carlos and their Midlands rivals are also keen on improving in that area.
Collins recently shone with his performances for the Republic of Ireland with a goal against Ukraine earlier in the week earning plaudits.
The centre-back has a contract until the summer of 2025 at Turf Moor and with him having signed for the Clarets just last year combined with the club losing Ben Mee and James Tarkowski, it remains to be seen if Burnley will sanction his sale this summer.