Fofana suffered a fractured fibula during a recent friendly against Villarreal, while Evans is still recovering from a foot problem as he targets a return following next month's international break. Meanwhile, Timothy Castagne continues to be assessed on the eye injury he sustained while with Belgium at Euro 2020.
With Fofana and Evans absent, Foxes boss Brendan Rodgers will hope the club can get the signing of Jannik Vestergaard completed in time for the central defender to make his debut on Saturday.
Left-back Ryan Bertrand, striker Patson Daka and midfielder Boubakary Soumare are summer signings who come straight into contention.
Bruno Lage will take charge of Wolves for the first time since succeeding Nuno Espirito Santo as manager in the summer.
The Portuguese has new signings Jose Sa, Yerson Mosquera, Franciso Trincao, Louie Moulden and Rayan Ait Nouri in contention.
Star striker Raul Jimenez is available for the first time since suffering a fractured skull in November.
However, Pedro Neto (knee), Jonny (knee) and Daniel Podence (groin) remain on the sidelines, while Wily Boly has a hamstring injury.
Leicester provisional squad: Schmeichel, Ward, Soyuncu, Amartey, Bertrand, Pereira, Castagne, Thomas, Tielemans, Soumare, Maddison, Albrighton, Under, Choudhury, Mendy, Ndidi, Praet, Vardy, Iheanacho, Perez, Daka.
Wolves provisional squad: Sa, Ruddy, Hoever, Ait-Nouri, Coady, Semedo, Saiss, Kilman, Neves, Gibbs-White, Moutinho, Dendoncker, Silva, Traore, Jimenez, Mosquera, Trincao.