The Guinness Premiership leaders are searching for a new head coach with Pat Howard returning to Australia in the summer.
Leicester held discussions with Loffreda during Argentina's recent tour of England and he admitted to being flattered by their interest.
But with the World Cup looming Loffreda wanted time to reflect on the opportunity and discuss any potential move with his family.
He said: "I told them I was surprised and that I would prefer to go back to Argentina to see what my family feel about this and also because I had to look at my current job. I had to evaluate if I could do it.
"Up to now, it's just an approach, a simple informal discussion in which they let me know their interest to go there and help the team as head coach.
"But other coaches have also been communicated with in the same way."
Loffreda is determined to lead Argentina into the World Cup and it is understood that would not rule him out of the running for the Leicester job.
South Africa head coach Jake White was another potential candidate in the same boat.
Loffreda, who won 44 caps as a centre for Argentina, has never coached outside his own country but his record with the Pumas is impressive.
He took over as coach in 2000 and has guided them to home series victories over France and Wales plus a draw with the 2005 Lions at the Millennium Stadium.
In November, Argentina triumphed at Twickenham with a victory over England which hastened the departure of Andy Robinson as red rose coach.
The 47-year-old believes Argentinian rugby should look on Leicester's interest in him with pride.
"If one Argentinian is a candidate to coach one of the most powerful teams in Europe in the country where rugby was invented, it is a tremendous honour," he told Argentinian rugby website www.rugbyfun.com.ar.
Leicester have signed powerful Wasps centre Ayoola Erinle for next season.
Howard said: "We believe him to be a player with a lot of ability who will fit into the Leicester culture very well."