The former England international forward was rested for the Carabao Cup quarter-final penalty shootout defeat to Manchester City on Tuesday.
He had returned from a groin injury in the weekend's 1-0 defeat at Crystal Palace and boss Claude Puel did not want to rush him back to action.
But Vardy, who is Leicester's joint five-goal top scorer in the top flight, should be available for the trip to Stamford Bridge.
"I hope (Vardy) can be fit for this match and can find his qualities," Puel told a press conference. "With his quality and his aggressiveness, he is a very good player for us. We need Jamie - with his ability, capacity and character - to give his best.
"Of course, it has been difficult for him with injuries and suspensions this season, but he is a valuable player for us and we need Jamie to be at his best for us."
Ben Chilwell could also return following his knee injury but Wilfred Ndidi is struggling with his own knee problem.
England left-back Chilwell has missed the last two games while Ndidi suffered the issue in Tuesday's defeat to Manchester City at King Power Stadium.
"We have a doubt over Wilfred and we will see on Friday. It is his knee. He received a foul on him and he was able to finish the game but he was in pain afterwards and we will see on Friday," added Puel.
"We will see Ben tom but I think he can participate. Normally he would be available.
"He came back into training yesterday. He has had a good feeling, no problems and I hope tomorrow he will be fit for the game."
Daniel Armartey, who signed new three-and-half contract on Thursday, is still out with knee injury.