Waghorn played through the pain barrier against Barnsley a fortnight ago and was sent for surgery shortly after the 2-2 home draw against the Tykes.
The striker missed last weekend's defeat at Millwall but has resumed full training to put himself back in contention to face the table-topping Bluebirds.
Defenders Sean St Ledger and Michael Keane remain out with hamstring injuries, with St Ledger currently in Germany seeing a specialist about the problem that has kept him out for two-and-a-half months.
Ahead of Saturday's game, Leicester boss Nigel Pearson told the media: "After last week's defeat, it's important to bounce back. We have two games coming up against teams above us and it's important we take points from both games.
"They (Cardiff) are a side that has done exceptionally well this season, but it will be a tough game for both sides.
"They're similar to us in many ways and we've got to make sure our performance warrants us getting the three points."