The 37-year-old was rested for the midweek EFL Cup penalty shootout win over Walsall, where goalkeeper Danny Ward incredibly stopped each of the three Saddlers spot kicks that he faced.
However, Vardy is now set to return against his joint-favourite opponent, having netted 11 goals against Arsenal down the years in all competitions, only scoring as many against Watford.
Vardy should spearhead a forward line also boasting Jordan Ayew and ex-Arsenal youngster Stephy Mavididi, while Wilfred Ndidi - who already has three assists to his name this season - may operate as the most advanced midfielder.
Facundo Buonanotte and Bilal El Khannouss are alternative options, but Ndidi's defensive qualities may mean that he is preferred against Arsenal, where ex-Tottenham Hotspur pair Oliver Skipp and Harry Winks should pair up in the middle.
Despite his penalty-shootout heroics in the EFL Cup, Ward should hand the gloves back over to Mads Hermansen, while James Justin, Wout Faes and Victor Kristiansen return alongside Caleb Okoli in defence.
Only Patson Daka and Jakub Stolarczyk are out of contention through injury for the visitors, as the pair are both recovering from severe ankle problems.
Leicester City possible starting lineup:
Hermansen; Justin, Faes, Okoli, Kristiansen; Skipp, Winks; Ayew, Ndidi, Mavididi; Vardy
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