The hosts were first to bear down on the opposition goal, winning the first corner of the game on four minutes after a quick counter-attack, but the Saints defence held firm.
Leicester continued to dictate proceedings and had their first chance on the quarter-hour mark, Kelechi Iheanacho being played in by Riyad Mahrez before firing against Oriol Romeu and then blasting wide of goal.
At the other end three minutes later, Dusan Tadic connected with a half-volley on the edge of the area, but the ball went well wide of the Leicester goal.
Southampton finished the half strongly, Cedric Soares forcing Ben Hamer into a save on 40 minutes and Shane Long going through on goal three minutes later but scuffing his effort to the Foxes goalkeeper.
Neither side could break the deadlock come the break, but Mark Hughes's charges continued to enjoy the better opportunities, Long sending a powerful effort goalwards on the turn in the 57th minute, only for Hamer to rush and deny his opponent.
On the whole, chances remained few and far between, Jamie Vardy showing good skill to connect with a ball over the top on 70 minutes to volley towards the Saints goal, only for McCarthy to tip the ball over the crossbar.
Leicester were the brighter of the two sides edging into the latter stages of the game, but the final whistle blew on neither team able to find a goal and a share of the spoils in the East Midlands.
The result sees Southampton move to four points from safety in 18th place, while Leicester remain eighth in the table.
LEICESTER (3-4-1-2): Hamer; Dragovic, Maguire, Chilwell; Albrighton, Ndidi, Silva (Barnes 90+1'), Gray (Choudhury 90+1'); Mahrez; Iheanacho (Diabate 76'), Vardy
SOUTHAMPTON (3-4-2-1): McCarthy; Yoshida, Hoedt, Bednarek, Soares, Romeu, Hojbjerg (Redmond 88'), Bertrand; Ward-Prowse (Davis 58'), Tadic; Long (Austin 73')