Alzate has made just 10 appearances for Brighton this season in all competitions and was handed a rare Premier League start last Wednesday for the 1-0 victory at champions Liverpool.
The Colombia international produced a solid display at Anfield and popped up with the winning goal in the second half, his first in the Premier League for Albion.
Alzate was back on the bench as an unused substitute for the 1-1 draw at Burnley last Saturday as the quick turnaround from Anfield to Turf Moor was insufficient time for him to recover fully.
Potter is likely to make changes for this Wednesday at the King Power as Albion look to reach the quarter-finals of the FA Cup for just the fifth time in the club's history.
Alzate also played 60 minutes in the previous round against Blackpool and was on the scoresheet after Alexis Mac Allister's powerful long range effort smacked into him and deflected into the net for the winner.
Potter admits the the 22-year-old is well in contention to start against Brendan Rodgers' team who are flying high in the Premier League.
"Two days was a really short turnaround and he [Alzate] had a big 90 minutes [at Liverpool] he has not had that for a while," said Potter on Alzate after the Burnley match.
"From a workload perspective he was probably high risk going into the game.
"With the season he has had and in terms of illness and injury, we felt it was unfair on him.
"He could have helped us from the bench but he was not needed. It gives him a chance to recover fully and we can think about him for the next match.
"He has absolutely got a chance for that [Leicester]. This game was too soon in terms of recovery. We now know we can now use him in the upcoming matches."