The 21-year-old Spaniard signed a season-long deal with the Championship side back in August.
Despite having struggled to cement his place in the team so far, Miquel is eager to show his parent club what he is capable of.
"This is a very important year for me at Leicester," he told the Leicester Mercury. "I have to show to myself and Arsenal what I can do and that I can play.
"It has been a little frustrating because I haven't played many games so far, but I have to be realistic."
Leicester return to Championship action on Saturday when they welcome Huddersfield Town to the King Power Stadium.