The Chilean forward missed Saturday???s 2-1 derby defeat at Spurs with a hamstring strain but is in contention to start against the Premier League???s bottom club.
However, Wenger also reported that England man Alex Oxlade-Chamberlain will be out for another two weeks due to a groin problem.
Wenger said on Monday morning: “Sanchez will be back in the group and we don’t have any injuries from Saturday. Everybody looked fine yesterday.
“Alexis is our best goal scorer and one of our hardest working players. Physically, I think we suffered a little bit on some occasions on Saturday and it is good to have him back.”
Wenger also had news of midfielder Jack Wilshere, who is closing in on a return to action after recovering from an ankle injury.
“He is back in full training this week,” said the Arsenal boss.
“We have to monitor him daily and see how he develops. I don’t know when he will return.
“Alex is not back. He has got at least two more weeks.”
Regarding Tuesday’s match, Wenger added: “Leicester are a team who are fighting to survive in the Premier League.
“That demands a complete focus from us and we need to respond very strongly to our defeat on Saturday.
“We had a very strong run just before Saturday so we need to continue that, and respond very strongly to disappointment.”