Foxes boss Nigel Pearson, who was pipped to November's League One manager of the month award by MK Dons' Roberto Di Matteo, will probably opt for Oakley's experience at the expense of youngster Nicky Adams.
David Martin sustained a minor hip injury against Dagenham but should be fit while fellow goalkeeper Paul Henderson will return to the bench after a groin problem if he passes a late fitness test.
Defender Patrick Kisnorbo (knee) remains on track for a return in the new year.
Southend boss Steve Tilson is boosted by the return of several players.
On-loan pair Dan Harding and Rob Milsom are set to be included after they were denied permission to play in the FA Cup clash with Luton by their parent clubs.
Striker Lee Barnard could also be in contention as he closes in a return to full fitness having missed the last nine matches with hamstring and calf problems.
Veteran frontmen Paul Furlong and Dougie Freedman are both struggling with thigh problems and Alex Revell is recovering from a chest infection so Tilson must decide whether to risk Barnard from the start or hand him a place on the bench.
Liam Feeney is pushing to make his Football League debut having joined on loan from non-league Salisbury City while on-loan West Ham ace Junior Stanislas is set to continue in attack after impressing on his debut with a brace in the 3-1 win over Luton.
Sporting Life