Chris Wood spurned the greatest chance to win the match for either side when he fired a penalty kick against the woodwork minutes after the restart.
However, the Foxes may feel lucky to escape with a share of the spoils. After all, it could have been a great deal worse had Kasper Schmeichel not been at the top of his game on the day.
The Dane put in a man-of-the-match performance to deny Thomas Ince and co with a string of fine saves to put an end to Leicester's losing streak.
Whilst a point helps the Foxes remain in touching distance with their promotion rivals, there was a sense that this was a genuine opportunity missed as second-placed Hull City suffered a rare loss away at Bolton and Crystal Palace also surrendered all three points at Sheffield Wednesday.
Watford, the Championship's in-form team of the moment, replaced Hull City in second place with yet another win - this time against struggling Wolves.
The Foxes still have two games in hand over their rivals, but with eight points to make up on Watford and Hull, they will need to get back to winning ways as soon as possible if they are to revive hopes of a first return to the Premier League in a decade.