The 21-year-old moved to the Premier League champions in 2011 from Luton and has played for their development side.
He has previously spent time on loan at Mansfield and the 2014-15 season in League One with Walsall.
"He plays forward and he wants to create something. I just felt that we needed that in the squad," boss Gary Bowyer told the club website.
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League Two side Blackpool have signed Leicester City midfielder Michael Cain on a season-long loan deal.