The Foxes come into the game off the back of two straight defeats in the Premier League, the most recent being a 1-0 defeat to Palace on the weekend.
The two sides met in the same stage of the competition last season, with Manchester City ultimately progressing thanks to a penalty shoot-out win after a 1-1 stalemate.
Sergio Aguero could feature after recovering from injury, bolstering the visitors already talented attack with their top goalscorer.
The Leicester defence will have to be extremely alert and organised to counter this treat. Harry Maguire, widely regarded as Leicester's strongest defender, will have to play at the height of his game along with the rest of the defence if the Foxes want to go on to win the game.
What happened in the last meeting between the two teams?
The most recent meeting between the two sides saw Manchester City convincingly win 5-1 at home thanks to a goal from Raheem Sterling and four second half goals from Sergio Aguero seeing Jamie Vardy's equaliser in the first half turn into a consolation goal.
Ben Chilwell remains out after picking up a knee injury while Jonny Evans is suspended for the tie. Leicester striker Jamie Vardy could potentially be rested after he recently came back from a reoccurring groin injury.
Manchester City have been handed an injury boost as Sergio Aguero and Kevin de Bruyne could both feature after recovering from their respective injuries.
Leicester: Ward; Ricardo, Maguire, Morgan, Fuchs; N'Didi, Silva; Gray, Maddison, Ghezzal; Iheanacho
Manchester City: Ederson; Walker, Laporte, Stones, Delph; De Bruyne, Fernandinho, Gundogan; Silva, Aguero, Sane
Leicester manager Claude Puel joked about former player Riyad Mahrez's return to the King Power Stadium in his pre-match press conference, stating: "He played a lot, he scored a lot for City. I think it will be a good feeling for him, for our fans, to see him here again.
"He gave all the time his best for City and his team-mates and we are happy for him. It will be a good feeling to see him again.
"I hope he remains on the bench, of course!" He added.
City manager Pep Guardiola spoke about his side's need to stay in the cup in order to progress as a club. He stated in his pre-match press conference:
"I cannot imagine going into a game thinking, 'Oh, it will be better to lose because then we'll have more time to rest'. I have never thought in that way.
"We're going to prepare as always to win the game, to try to reach the semi-final and then we'd have two legs to try to reach another final," Pep said.
"That is the only way a club like Manchester City - who 10 years ago were not in this position - can grow up, and get better and better. And that's what we have to do."