City, who have won the Community Shield six times and most recently in 2019, have dominated their pre-season games and will be looking to recover from their Champions League final defeat to Chelsea at the end of last term.
Leicester will have to leave their lacklustre pre-season behind them with first team players set to return for the big clash.
The Foxes face Wolves in their Premier League opener next weekend while City begin their title defence away to Tottenham.
Both will be hoping to go in to their opening top-flight fixtures having claimed Community Shield glory at Wembley.
Leicester City team news
Leicester defender Wesley Fofana will be out for several months after suffering a fractured fibula in a horror challenge in Wednesday's pre-season friendly against Villarreal.
Fofana was the victim of a terrible late tackle by forward Nino and had lengthy treatment on the King Power Stadium pitch, including being given oxygen, before being carried off.
The Foxes have further issues in defence with Jonny Evans, James Justin and Timothy Castagne all out.
Meanwhile, new signing Patson Daka could start his first competitive game with a chance at silverware.
Jamie Vardy's record of 11 goals in 15 games against City could prove the decisive factor in starting the 34-year-old.
Kasper Schmeichel hasn't returned to pre-season training and will likely miss out on a return to Wembley Stadium.
Kiernan Dewsbury-Hall could make a starting appearance in midfield after his strong performance against QPR last Saturday.
Summer signings Boubakary Soumare and Ryan Bertrand could be handed debuts.
Man City team news
Jack Grealish could feature in his first game for Manchester City at Wembley on Saturday after his £100million move from Aston Villa went through in time.
Defenders Nathan Ake, Ruben Dias, Benjamin Mendy, and Joao Cancelo have put in consistent pre-season minutes in the lead-up to the Community Shield.
Pep Guardiola could look to produce a starting XI with a mix of first team and U23 players as fitness levels have been questioned of the returning Euro 2020 players.
Kevin De Bruyne was the man of the match in the 2019 Community Shield but won't feature.
Phil Foden is also out.
Fernandinho should be integral in midfield and is likely to start after his pre-season has shown him favourite in defensive midfield ahead of the defensive line.
Riyad Mahrez has now scored three in three games, after the last warm-up game against Blackpool on Tuesday evening, and has strong potential to start.
Community Shield: talkSPORT coverage
Adrian Durham will be your host at Wembley and commentary will come from Jim Proudfoot and Trevor Sinclair.
talkSPORT.com will also be running a live blog for all the action and you can get all the latest news on the talkSPORT app as well.
To tune in, click HERE for the live stream.