Terriers midfielder Palmer will play no part against the Foxes after being ruled out for several months due to a recurrence of a hamstring injury.
However, boss David Wagner is understood to be more hopeful over Mounie's involvement, the French striker having suffered a knock during Monday's defeat to West Ham, forcing him to miss training for much of the week.
Midfielder Jonathan Hogg and defender Martin Cranie could be included in the squad after returning to full training. Both are closing in on their first appearances of the season following respective ankle and hip injuries.
Striker Collin Quaner hopes to recover from the knee injury which forced him to miss Monday night's defeat at West Ham. Should Quaner miss out then summer signing Abdelhamid Sabiri could make his first appearance for the club.
Wagner is looking for a much-improved showing against Leicester on Saturday after a below-par performance at the London Stadium.
“It makes no sense to judge the group on just one performance,” Wagner said during his pre-match press conference.
“Everyone knows we have to perform better - we have three games in a week so we will ensure we are prepared for each one and make the right decisions on each of the starting XI.”
Provisional squad: Lossl, Lowe, Schindler, Zanka, Smith, Billing, Mooy, Van La Parra, Ince, Kachunga, Mounie, Sabiri, Malone, Depoitre, Coleman, Quaner, Hadergjonaj, Hefele, Hogg, Cranie.