Raya has been in top form this season, but concerns arose when he was seen limping through the mixed zone after the exciting 2-2 draw with Manchester City on Sunday.
Arsenal cruised to a 5-1 Carabao Cup victory over Bolton midweek with 16-year-old Jack Porter starting in goal with no2 Neto cup-tied and Tommy Setford injured.
Neto will be available this weekend and may be called upon with Mikel Arteta confirming on Friday his no1 remains a doubt.
The Gunners remain without Martin Odegaard, Mikel Merino, Takehiro Tomiyasu and Oleksandr Zinchenko but Sunday’s bruising encounter at the Etihad resulted in further casualties.
Riccardo Calafiori and Jurrien Timber were both forced off in the second-half but the Italy international was back in the starting XI against Bolton midweek.
Timber was left out of the squad on Wednesday but has been passed fit for the visit of the Foxes, along with Ben White.
Arsenal will be without the suspended Leandro Trossard after his red card at the weekend with Raheem Sterling pushing for his first start after getting his first goal for the club midweek.
Gabriel Jesus played the full 90 against Bolton along with Ethan Nwaneri scoring twice.
Arsenal missed the chance to go top of the Premier League last Sunday but take on a Leicester side that have taken just three points from their opening five games.
Predicted Arsenal XI to face LeicesterNeto, White, Saliba, Gabriel, Calafiori, Rice, Partey, Jorginho, Saka, Havertz, Martinelli
Where to watch Arsenal vs Leicester City? Kick-off time and TV channelArsenal vs Leicester kicks off at 3pm on Saturday 28 September.
Given its 3pm kick-off slot, the match will not be broadcast live in the UK.