The Foxes ace has been sidelined for the last two games with a calf injury, having also missed a third due to the birth of his daughter last month, but is expected to come straight back into the starting line-up against Villa.
Leicester are bidding to win their place in a cup final for the first time since 1999 and Vardy has a key role to play in getting them there.
Elsewhere, Filip Benkovic is fit despite coming off with a knee injury in the 2-0 FA Cup third-round win against Wigan at the King Power Stadium on Saturday, but Wes Morgan, who picked up a groin injury in the same game is out.
So too is Daniel Amartey, who is struggling with an ankle injury and the game comes too soon.
For Villa, skipper Jack Grealish, centre-back Tyrone Mings and midfielder Douglas Luiz all return to the Villa squad after being rested for Saturday's FA Cup defeat at Fulham.
Trying to win the Carabao Cup took priority and all three could come straight back into the starting line-up that faces the Foxes.
New signing Danny Drinkwater, who has joined Villa on loan for the rest of the season from Chelsea, is cup-tied after playing in an earlier round while on loan at Burnley.
Boss Dean Smith goes into the game without a number of players through injury, including goalkeeper Tom Heaton (knee) and Jed Steer (Achilles), strikers Wesley (knee) and Keinan Davis (hamstring), and defender Matt Targett (hamstring).
Villa have not won a piece of silverware since they defeated Leeds United in the 1996 League Cup final, and boss Dean Smith is desperate to end the drought in this campaign.