The Foxes find themselves as leading contenders to challenge Liverpool in the title face, while Watford are without doubt favourites for relegation after managing just one league win since August.
It was thought - nay, assumed - that Leicester's title-winning 2015-16 campaign could never be replicated, but Brendan Rodgers's men are making it very difficult to avoid making comparisons with Claudio Ranieri's miracle workers.
The speed and organisation with which Leicester hit teams in the final third, spearheaded as ever by the superb Jamie Vardy, has been too much for opponents to handle this season.
N'Golo Kante and Riyad Mahrez have gone, but Leicester's hierarchy has expertly overseen the evolution of this team, with players like Ben Chilwell, James Maddison and Wilfred Ndidi playing with more consistency than their opposite numbers at clubs like Manchester United, Chelsea and Arsenal.
Indeed, it is no surprise that Rodgers, formerly of Liverpool, is now being touted as Arsenal's next manager having taken his team to second in the Premier League table, losing just twice - to United and Liverpool - all season.
As Leicester gear up to face Watford, non-Liverpool supporters will now view the Midlands side as the principal challengers to Jurgen Klopp's men in the title race - something that nobody would have predicted in August.
The Spaniard started his second spell as Watford boss in September, replacing Javi Gracia, who was the only manager since 2013 to manage the Hornets for more than a full season.
Having started well with a 2-2 draw at home to Arsenal, Flores only saw his team win one Premier League game in 10 outings, with Saturday's defeat leaving Watford languishing at the bottom of the table on eight points.
Indeed, it would not be adventurous to suggest that any team that sacks two managers and whose points total remains in single figures by December is almost doomed to be relegated.
Regardless, the Hertfordshire side will certainly hope that the departure of another manager ignites some sort of reaction when they travel to Leicester in desperate need of points on Wednesday.
Recent Leicester City form: WWWWWW
Recent Watford form: DLLWLL
Leicester only have one major injury concern in the form of Matthew James, who looks set to be out until 2020 with a calf problem.
Leicester City possible starting lineup:
Schmeichel; Pereira, Evans, Soyuncu, Chilwell; Ndidi; Maddison, Tielemans, Gray, Perez; Vardy
Watford possible starting lineup:
Foster; Femenia, Cathcart, Mariappa, Masina, Holebas; Capoue, Hughes, Doucoure; Gray, Deeney
We say: Leicester City 3-0 Watford
It may only be December, but the writing seems to be on the wall for Watford, while Leicester find themselves in a slipstream of dazzling momentum. A convincing victory for the Foxes in front of their own supporters feels somewhat inevitable.