Rams boss Nigel Clough was keen to get the 21-year-old on loan in time for the visit of East Midlands rivals Nottingham Forest but Leicester were reluctant because of Darius Vassell's hamstring injury.
Vassell started the Foxes' 4-2 victory over Millwall on Saturday but another of their strikers, Paul Gallagher, was out with a knee injury. Waghorn came off the bench late on.
Following the defeat to Forest, Clough is desperate to strengthen his attacking option ahead of Derby`s next game against Ipswich on February 1.
"Martyn Waghorn is top of our list and is still a possibility, depending on the injury situation at Leicester. Hopefully, they didn't pick up any injuries at the weekend," said Clough. "We were desperate to get him in for the Forest game to give us a bit of impetus and we will do our best to get him in the next 10 days.
"We need some pace in the team and that showed up on Saturday against Nottingham Forest, who have an abundance of it."