Vardy missed the goalless draw at Hull on Boxing Day after limping off with a heel injury early in the second half of the home defeat to Cardiff on Saturday.
His return to the squad would be a boost to Nigel Pearson, whose side have now gone three npower Championship games without scoring.
However, the City boss is unconcerned by their recent lack of success in front of goal.
"Clearly, we would like to be scoring when the chances come. But sometimes you have to go through spells like that, and we'll get through it."
Defenders Sean St. Ledger and Michael Keane remain out with hamstring injuries.