Balotelli has endured a frustrating start to his Anfield career, scoring just two goals following his move from Milan in August, and has not featured since the 2-1 home loss to Chelsea last month after picking up a groin problem while on international duty with Italy.
The 24-year-old has missed Liverpool's last three games, and manager Brendan Rodgers confirmed on Monday that he will not be fit for the midweek Premier League fixture at the King Power Stadium.
There is better news for defender Mamadou Sakho, with the France centre-back shaking off a thigh complaint to return to full training.
However, Sakho will also be absent at Leicester.
"The squad will be pretty much the same [as Saturday's 1-0 win over Stoke City]," Rodgers said.
"Sakho trained yesterday with the team for the first time, but won't be match-ready yet. And Mario is still not fit."
