The Gunners boss justified his decision by pointing to Aaron Ramsey who was rushed back and ended up getting injured.
Ozil returned to team training late after an extended break after the European Championships.
The Germany international of Turkish origin has however, been included on the bench and could make an appearance in the second half.
Wenger has also decided to rest Olivier Giroud who was part of the France side that reached the Euro 2016 final but his international team-mate Laurent Koscielny will start.
Leicester City v Arsenal
Kick-Off: 12:45 (GMT)
Stadium: King Power stadium
Leicester City confirmed line up: Schmeichel; Simpson, Huth, Morgan (c), Fuchs; Mahrez, Drinkwater, Mendy, Albrighton; Okazaki, Vardy
Subs: Hernandez, Musa, King, Amartey, Zieler, Gray, Ulloa
Manager: Claudio Ranieri
Arsenal confirmed line up: Cech, Bellerin, Holding, Koscielny, Monreal, Xhaka, Coquelin, Walcott, Cazorla, Ox, Alexis
Subs: Ospina, Gibbgs, Wilshere, Giroud, Ozil, Chambers, Elneny
Manager: Arsene Wenger