All four of the Foxes goals came from set-plays, with Walsall seemingly incapable of defending them without key defender Ian Roper, who was out through injury.
Yet the Saddlers matched their high flying opponents in most departments, playing some neat football in the opening stages which led to Brazilian striker Junior having one shot well saved by Ian Walker.
But Leicester were a class above, not only in defence, but in the way they finished and they took the lead four minutes before the interval.
From a free-kick by Izzet, Paul Dickov was left unmarked to send a looping header over keeper James Walker, who was caught off his line.
However, the free-kick had been controversial because defender Tony Barras was booked for a foul on Trevor Benjamin which appeared to be a fair challenge.
Shortly before the interval Leicester went further in front this time Izzet again laying it on for James Scowcroft's shot to beat Walker from close range.
Effectively it was all over and Walsall's only other real chance to this point came from a cross by Darren Wrack in the 50th minute, but Jorge Leitao's header was deflected wide.
Leicester struck again in the 73rd minute when Izzet's free-kick saw Matt Elliott score with a fine running header.
Scowcroft added his second in the 83rd minute, also heading home from yet another free-kick by Izzet.
Walsall's goal came from skipper Martin O'Connor in the 87th minute.
Leicester manager Mickey Adams said: "This was a big win for us. This is a difficult place to play and you have to roll up your sleeves and be counted.
"We've had another difficult week but these players keep amazing us. They work wonders. "