Coincidentally, the Reds will visit the King Power Stadium this weekend too, for Saturday's late Premier League clash, but the line-ups should be drastically different for both encounters.
The Foxes are 2/1 (3.0) to win the tie in normal time with dabblebet, while Liverpool are 13/10 (2.30) to secure a spot in the next round courtesy of a victory in 90 minutes. Both teams were involved in 1-1 draws at the weekend and it's 5/2 (3.50) that we see another stalemate.
It's tough to make a case for any one of those outcomes with a degree of certainty though, due to the unpredictable nature of the potential line ups but there is an angle that is worth considering.
Craig Shakespeare rotated heavily in Leicester's 4-1 win over Sheffield United in the last round, and Jurgen Klopp could well do likewise given his side's intensive playing style and jam-packed schedule.
With that in mind, looking to the goals markets seems the best option for a wager in this one. The home side have kept just one clean sheet in six competitive games this term (2-0 v Brighton) while Liverpool boast just two in eight so far.
7/10 (1.70) is available on over 2.5 goals with dabblebet, but the 8/5 (2.60) on over 3.5 is the recommended play for punters. Leicester have a raft of forwards waiting for their opportunity, with the likes of Ahmed Musa, Leonardo Ulloa and Islam Slimani all in reserve, plus the talented Demarai Gray, who starred in the second round of this competition.
The England Under 21 international is 16/5 (4.20) to net anytime and that's a very solid option at longer odds considering Gray is almost certain to start, something that can't be said of most players ahead of the team sheets being announced.
Liverpool too, have plenty of attacking options to call upon, but neither side look especially assured at the back, even with their first-choice line-ups let alone fringe players being added to the mix.
Last season's two Premier League clashes between these sides saw a combined nine goals, with both teams scoring in each and those tuning into this game could be set for another entertaining encounter. At 8/5 (2.60) over 3.5 goals is definitely worth considering, as is the 16/5 (4.20) about Gray making his mark for the second cup game this season.