The Foxes striker made his return from injury as a second-half substitute in the 1-0 home defeat to Cardiff on Saturday, but is now fit to start as manager Nigel Pearson plots a return to winning ways.
City failed to score at home for the first time this season against the Bluebirds, meaning Pearson's side have now drawn blanks in their last two games, losing both.
Waghorn scored two goals in five games before his injury, and could provide the solution for the East Midlands club, now without a win from their last three games.
Defender Sean St Ledger and Michael Keane remain out with hamstring injuries, but Pearson has no new injury or suspension concerns.
The promotion hopefuls are seven points behind the second-placed Tigers going into the game, and will take confidence from their 3-1 victory against Steve Bruce's men in September.