Michael Flynn's men defeated Stockport County to progress to round four, while the Foxes ran out 1-0 winners over Gillingham in their previous encounter.
Match preview
Keeping faith with Flynn throughout their autumnal struggles has paid dividends for Walsall, who welcome Leicester to Bank's Stadium amid a hot streak of form in league and cup action - a run that includes a slice of revenge over Stockport.
Less than two weeks after losing 2-0 to the Hatters in league action - their only defeat from their last 13 matches in all competitions - Walsall avenged that disappointment by beating their fellow fourth-tier side 2-1 in the FA Cup third round courtesy of goals from Danny Johnson and Andy Williams either side of Paddy Madden's response.
Williams's strike came in the fifth minute of second-half injury time, and the Saddlers are now potentially only 90 minutes away from reaching the fifth round for the first time since 2002-03 - where they were defeated by Fulham - but a fourth-round finish is already their best showing since the 2015-16 campaign.
The hosts' last 13 games have brought nine wins, three draws and just that one defeat to Stockport, seeing them enjoy a sudden rise to 11th in the League Two table, but they could only draw 1-1 with Tranmere Rovers two weekends ago before last weekend's clash with AFC Wimbledon fell victim to the freezing temperatures.
As eye-catching as Walsall's run has been, Flynn's side can only boast one clean sheet from their last eight matches in all competitions, and they have conceded at least one goal in each of their last four outings at Banks's Stadium.
Kelechi Iheanacho may very well have kept Brendan Rodgers in his job with the solitary goal in Leicester's FA Cup third-round match with Gillingham, with the Foxes entering the contest on the back of three straight losses in the Premier League.
Defeat to Neil Harris's crisis club would have been unthinkable for Leicester, but Iheanacho's 56th-minute strike was all it took to send the 2020-21 champions through to round four, as they enjoy a welcome break from their miserable Premier League fortunes.
The World Cup break came at the most inopportune moment for a Foxes side who were building momentum before Qatar, but Rodgers's charges were on the verge of taking three points off of European-chasing Brighton & Hove Albion at the weekend before Evan Ferguson rescued a point for the Seagulls in a 2-2 draw.
Now 14th in the table but with just one point separating them from the drop zone, Rodgers's side are aiming to record a ninth win from their last 10 FA Cup ties against League Two teams, but their only loss in that sequence came against now-Walsall coach Flynn, who masterminded Newport County's memorable victory in 2018-19.
Walsall overcame Leicester 1-0 in the fourth round of the 1977-78 FA Cup, but the Saddlers have since posted five losses and one draw from their last six meetings with the Foxes - including a 4-1 League One defeat in the 2008-09 campaign.
Walsall FA Cup form:
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Walsall form (all competitions):
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Leicester City FA Cup form:
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Leicester City form (all competitions):
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Team News
Walsall new boy Jamille Matt represented Forest Green Rovers in the earlier rounds of the competition and is therefore ineligible to take part here, meaning that the likes of Williams, Douglas James-Taylor and Conor Wilkinson will battle to partner Johnson up front.
Johnson came off injured in the FA Cup win over Stockport but recovered in time for the draw with Tranmere, where Manny Monthe was sent off for two bookable offences, and the centre-back is therefore suspended for the visit of Leicester.
Oisin McEntee should be called upon to fill in for Monthe, and Walsall have also brought in former Cameroon youth international Yann Songo'o - who is eligible to make his debut here - from Bradford City.
As for Leicester, Rodgers is still without a plethora of injured players in Ryan Bertrand, James Justin, Wifred Ndidi, Ricardo Pereira, Jonny Evans, Boubakary Soumare and Dennis Praet - the latter of whom came off with an ankle problem against Brighton - but Ayoze Perez should be back in time to cover for the stricken Belgian.
The visitors' only arrival of the January transfer window so far has been 20-year-old left-back Victor Kristiansen from Copenhagen, and the Danish youngster could make his debut for Rodgers's side here, maybe even from the first whistle if Luke Thomas is rested.
The likes of Daniel Iversen, Lewis Brunt, Marc Albrighton and Iheanacho should be in line for starts here, but it remains to be seen if Caglar Soyuncu will be involved amid persistent links with Atletico Madrid. James Maddison was also able to come off the bench against Brighton and could earn some useful minutes here too.
Walsall possible starting lineup:
Evans; White, Daniels, McEntee; Knowles, Kinsella, Hutchinson, Comley, Gordon; Williams, Johnson
Leicester City possible starting lineup:
Iversen; Castagne, Soyuncu, Vestergaard, Kristiansen; Albrighton, Mendy, Brunt, Perez; Daka, Iheanacho
We say: Walsall 1-3 Leicester City
Walsall have been a force to be reckoned with during the winter period and can feel optimistic of breaching a shaky Leicester backline - especially a makeshift one.