Claudio Ranieri's side are one of eight seeded teams in the draw, which is scheduled to take place at 17:00 BST.
Barcelona, Real Madrid, Bayern Munich, Paris St-Germain and Juventus are also seeded and will not face Leicester.
Arsenal, Tottenham, Manchester City cannot be drawn with Leicester but Scottish champions Celtic could be.
Celtic qualified for the group stage by beating Israel's Hapoel Beer Sheva 5-4 on aggregate.
The other seeded sides are Portuguese league winners Benfica and Russian champions CSKA Moscow.
Leicester produced one of the great sporting shocks to win last season's Premier League title and qualify for the Champions League for the first time.
The Foxes' last involvement in European football saw them knocked out in the first round of the Uefa Cup by Red Star Belgrade in 2000.
They could potentially be drawn in a group with last season's beaten finalists Atletico Madrid of Spain, Dutch champions PSV Eindhoven and Turkish league winners Besiktas.
Manchester City, who lost to champions Real Madrid in the semi-finals last season, qualified for the group stages thanks to a 6-0 aggregate win over Romania's Steaua Bucharest on Wednesday.
Pot 1: Real Madrid (Spain), Barcelona (Spain), Leicester City (England), Bayern Munich (Germany), Juventus (Italy), Benfica (Portugal), Paris Saint-Germain (France), CSKA Moscow (Russia).
Pot 2: Atletico Madrid (Spain), Borussia Dortmund (Germany), Arsenal (England), Manchester City (England), Sevilla (Spain), Porto (Portugal), Napoli (Italy), Bayer Leverkusen (Germany)
Pot 3: Basel (Switzerland), Tottenham Hotspur (England), Dynamo Kiev (Ukraine), Lyon (France), PSV Eindhoven (Netherlands), Sporting Lisbon (Portugal), Club Brugge (Belgium), Borussia Monchengladbach (Germany)
Pot 4: Celtic (Scotland), Dinamo Zagreb (Croatia), Monaco (France), Besiktas (Turkey), Legia Warsaw (Poland), Ludogorets Razgrad (Bulgaria), FC Copenhagen (Denmark), Rostov (Russia)
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Leicester City will find out who their first ever Champions League opponents will be when the draw for the group stage takes place on Thursday.