The Foxes completed a decade-long journey back to the top flight, which included a season in the third tier, by winning the Championship last term.
The £28m club-record capture of Romelu Lukaku and the tying down of exciting English talents such as Ross Barkley and John Stones to long-term contracts displays Everton's intent to launch another assault on the top four.
Lukaku followed Gareth Barry in making his loan switch to Goodison Park permanent, while Croatian midfielder Muhamed Besic and Chelsea winger Christian Atsu have also arrived to increase competition for places.
Stones may be preferred to veteran centre-back Sylvain Distin, should Martinez decide that the time is right to groom a new defensive partnership, and Seamus Coleman should shake off a knock to play alongside him.
Leicester too have spent big money on a forward who they hope will fire them to their objectives this campaign, which manager Nigel Pearson concedes must be primarily to avoid the drop.
Goalkeeper Kasper Schmeichel is set for a second shot at the Premier League, nearly six years after his last appearance for Manchester City.
Leicester lost their last Premier League match to Arsenal's Invincibles in May 2004, and have not beaten Everton since 1998.
Possible starting lineups
Leicester: Schmeichel; De Laet, Moore, Morgan, Konchesky; Albrighton, James, Drinkwater, Mahrez; Ulloa, Nugent
Everton: Howard; Coleman, Jagielka, Stones, Baines; McCarthy, Barry; McGeady, Barkley, Pienaar; Lukaku
Sports Mole says: 0-1