Waghorn bagged two quality goals to send the Foxes on their way to an impressive 4-0 win over QPR at the Walkers Stadium today.
The brace sends the young striker to 11 for the season, and, with Matty Fryatt sidelined, Waghorn has done an incredible job of supplying the goals.
An impressed Nigel Pearson Said: "Waghorn's been a great loan signing. He's doing very well for us. It has been a good experience for him here and I know he's enjoying himself."
However, the City boss doubts a permanent deal can be done with Waghorn's club Sunderland.
He added: "If I was Sunderland why would I want to sell him and there is a question mark against if we could afford him anyway."
Speaking of the situation, Waghorn said: "I've been asked by Leicester fans all season if I'll be staying. I love it at Leicester but we will have to wait and see what happens in the summer.
"I haven't spoken to Steve Bruce about the situation, we will just have to wait and see what happens."
Today's 4-0 thumping of QPR ends a dismal run of five games without a win and looks to have set the Foxes back on track for a play-off place with just four crucial Championship matches to go.