Vardy suffered what appeared to be a hamstring injury in the first half of Leicester’s 4-1 win over West Ham United at the King Power Stadium last week.
He subsequently missed the FA Cup win over Brentford on Saturday.
Vardy’s return will be a major boost for Rodgers, who is looking to steer Leicester into the final after the first leg ended 1-1 at the King Power Stadium on January 8.
With 17 goals to his name, Vardy is the leading goalscorer in the English Premier League this season.
"He's in the squad. He's worked very hard since his injury last midweek," Rodgers said.
"We'll give him another full day and see how he is tomorrow [Tuesday] before we decide whether he starts or comes off the bench. He'll certainly have part to play.
"I think if you ask me if he's 100 per cent, he may be 80 per cent but I'd rather have an 80 per cent Jamie Vardy with what he gives the team and the threat.
"It's also about the further risk of injury. He's come through the last two days on the field very well and I'm very confident he'll be involved."
Should Leicester prevail in this tie, they will likely meet holders Manchester City in the final as the Citizens boast a healthy 3-1 lead over Manchester United ahead of Wednesday’s second leg at the Etihad Stadium.
