Tigers boss Richard Cockerill says that he remains hopeful that the World Cup winner will stay at Welford Road but he admits that the decision ultimately lies with Kay himself.
"We are still talking to Ben and he needs to decide what he wants to do," said Cockerill, who was a Leicester team-mate of Kay's prior to being his coach.
"At 34 and with everything he has done in the game, he is just waiting to decide what is best for him and the club."
Although there has been little talk of possible retirement, Cockerill openly stated that Kay will have plenty of offers from outside as well as inside the game.
"He has other options rugby-wise and business-wise and is waiting to see what the best thing is for him," added Cockerill.
But while the future of Kay's Tigers career may be up in the air, the situation regarding another Lion seems far more clear cut.
England scrum-half Harry Ellis has seen his season disrupted by a knee injury since his return from South Africa last summer when he was on the bench for all three Tests, coming on as a replacement in the triumphant third international.
The 27-year-old has played only a handful of games for Leicester this year and hasn't added to his tally of 27 England caps.
Much has been made of a possible move away from the East Midlands with the emergence of the impressive Ben Youngs but Cockerill is convinced Ellis will be at Welford Road next season.
"Harry is under contract," explained Cockerill.
"There is a lot of rubbish spouted all the time about who is coming and who is going, who should be playing and who shouldn't be playing.
"I know there is lots of speculation but as far as I am aware, Harry will be here next year and, as I am in charge, I should probably know what is happening."