Davis, 22, began his career at Port Vale, where he made 31 appearances before joining Leicester in 2014.
He has yet to make a first-team appearance for the Foxes and joined Fleetwood at the start of October.
Davis, who has played 13 times for Fleetwood, is available for Saturday's match at Barnsley.
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Fleetwood Town have re-signed Leicester City defender Joe Davis on loan until the end of the season, with a view to a permanent deal.