The Saints looked to be in control after goals from Jose Fonte and Virgil van Dijk put them ahead before half time.
However, Vardy pulled a goal back midway through the second period and, in the second minute of stoppage time slotted a dramatic equaliser to earn the Foxes a point.
Relive all the action from an absorbing encounter with Sports Mole's text commentary.
The Saints are just inside the top half, but their form before the international break belied their position after victories over Swansea and, most notably, a 3-1 triumph at Chelsea at the start of October.
However, Leicester have also made a bright start to the season and sit just outside the top four in the Premier League, three points behind leaders Manchester City.
So there we have it. Saints boss Ronald Koeman has opted to leave Jordy Clasie on the bench, despite the Dutch midfielder managing to shake off a hamstring injury, but Oriol Romeu also drops to the bench in favour James Ward-Prowse. Graziano Pelle's support in attack is likely to come from Dusan Tadic and Sadio Mane.
Apparently, Maarten Stekelenberg's absence is due to a back injury picked up in training on Friday, which means that Kelvin Davis will make his 301st appearance for the club.
While Clasie is made to wait a little longer for his Premier League bow, the former Feyenoord star is still smiling as he signs autographs outside the ground.
Earlier, I mentioned the goal-scoring exploits of Jamie Vardy, but Graziano Pelle has also found the back of the net for Saints. However, he is likely to share much of the attacking burden, with Shane Long likely to be out for at least a month after picking up an ankle injury whilst playing for the Republic of Ireland.
Pelle will at least have support from Sadio Mane and the Senegalese flyer has scored twice and provided four assists in his lave five outings for Koeman's side.
HEAD TO HEAD: Leicester record at the Saints is not the best. The Foxes have won only one of 18 top-flight visits to the South Coast club. They did win at St Mary's four seasons ago, when both teams were playing in the Championship, but that was still only their third victory in 36 trips to Southampton.
One crumb of comfort for travelling Foxes fans is that the Saints have struggled to string consecutive victories together. Indeed, their wins over Swansea and at Chelsea were the first back-to-back wins since January.
There is no doubt that the visitors are one of the in-form teams in the Premier League. Since the start of April, when City seemed destined for relegation to the Championship, Leicester have 11 of 17 games in the top flight. Only Manchester City have won more during that time.
So, the form of both side would suggest that this game could be very entertaining and 0-0 is an unlikely outcome. Both teams are heading out to a warm welcome at St Mary's and kickoff is nearly upon us.
PREDICTION: With proceedings about to get underway, it is about time for a pre-match prediction and we've gone for a Southampton to edge this 3-2, but it should be an exciting encounter either way.
Very bright start from the Foxes as Fuchs whips in a menacing ball, but it evades everyone in the area and Saints can clear. Fonte, who signed a new deal this week, was able to clear the danger.
Leicester have been trying to get the ball out to the flanks a lot in the early stages. Albrighton puts Bertrand under pressure, but the full-back is able to get his clearance away.
CHANCE: What a chance for the in-form Vardy as Albrighton's delivery is met by the England international, only for his effort to drift over Davis's bar.
A few nerves for stand-in keeper Davis as he fails to claim another Albrighton cross at the first attempt. However, Leicester could not capitalise and the veteran stopper got his hands on the ball eventually.
Looking at replays of Vardy's early chance, he was only a few yards out, but he was unable to get his body over the shot. Remember, Vardy has scored seven in the league to date, but has missed twice as many chances as he has converted.
CHANCE: At the other end and the visitors are forced to defend a set piece from Ward-Prowse. Van Dijk gets his head on it and his effort beats Schmiechel, but Drinkwater is able to clear off the line. Tense moments for the away side, who have conceded in every game this term.
Well, that opportunity appears to have brought Southampton to life. Soares bursts down the right flank and delivers a cross for Pelle. However, the Italian striker's effort is blazed over the crossbar.
Wanayama appears to have stepped on the right foot of Okazaki, who is rolling around on the floor in pain. The referee has decided that a talking-to for the Kenyan will suffice.
The tenacious Okazaki refuses to give up on anything and he tries to close down Wanyama in the corner, but the former Celtic man finds Davis safely and the keeper eases the pressure. Vardy and Okazaki are certainly willing make their opponents work at every moment this afternoon.
Southampton have definitely found a way into this game and force a corner after Bertrand's pass is deflected behind by Kante for a corner. Tadic's has two successive corners headed away by Huth and Kante, but the Saints will have a third chance to deliver...
Well, the hosts finally wear down Leicester at the set piece and a third corner is headed home by Fonte. It's probably fair reward for their recent pressure.
CLOSE: No sooner do I say that Southampton wore down the Foxes than we nearly have an equaliser. Morgan steals a yard on his marker and his header is only inches away from creeping inside Davis's right-hand post. City are still well in this contest!
Ranieri's offer of pizza's for his squad, if they keep a clean sheet, will have to wait for another week. The Foxes are still waiting for a first clean sheet this season. Interestingly, Wanyama is limping around and might struggle to continue.
Albrighton is penalised for a foul and he is far from happy with the decision. Ward-Prowse delivers again and the Saints will earn another corner. However, Fonte appears to turn his back on the ball into the box at the last second and the chance is lost.
Schlupp and Soares are down and both have been injured in the challenge. The ball bounces in front of both of them and it's an accidental clash of heads, but Koeman is cutting a concerned figure on the touchline. I doubt whether Soares will play any more part.
SAVE: Almost a second goal for the hosts as Soares tees up Mane and his shot is tipped around by Schmeichel. Saints look to be on top. They will have yet another corner.
Leicester looked uncomfortable defending that set piece. Mane finds space and crosses for Van Dijk at the back post, who hits the woodwork from very close range, but the Dutchman was able to collect the rebound and find the back of the net. A long way back for the Foxes now!
Saints fans in full voice now as half time approaches, with the hosts well on course for a third successive win. Steven Davis receives treatment after a awkward fall, but is fine to carry on.
SAVE: Ranieri's men go close again as Drinkwater unleashes a powerful shot, which Davis is forced to tip over his own bar. Almost a goal back for the visitors.
CHANCE: From the resulting corner, Leicester waste another chance as the set piece falls to Huth at the far post. He tries to work some space for a shot, but is unable to test the Southampton keeper. It's a terrible miss from close range from the German.
Well, Koeman's side soaked up early pressure from the visitors, but two goals from set pieces and both from centre-backs, leave Southampton in total control.
STATS: In terms of statistics, there is very little between the sides. Southampton have shaded possession, but Leicester have had their fair share of the ball. Saints have registered five shots on-target from 10 attempts. City have had eight shots at goal, with two on-target. Obviously, the biggest statistical difference is the scoreline and defending at set plays has looked to be a problem for the Foxes.
BENCH WATCH: Ranieri does have options on the bench, with Nathan Dyer and Riyad Mahrez to choose from. There is also the experience of Gokhan Inler available. Southampton could offer a league debut to Jordy Clasie, as both Steven Davis and Wanyama were in the wars during the opening 45 minutes.
UPDATE: Elsewhere, Manchester United are 2-0 up at Goodison Park against Everton, whilst Manchester City are in control against Bournemouth. You keep up-to-date with all the latest scores from all the top divisions with the live scores section on the right-hand side of this page.
Back here, we are moments away from the start of the second half and Ranieri side have plenty to do, but Leicester have shown that they can create chances. They will need to take those chances, however, if they are to stage a comeback.
Leicester are already back out on the pitch, perhaps with a flea in their ear. Southampton make their opponents wait for the restart, but they are finally out. looks like we will have two changes from the away side.
Saints immediately on the front foot through Tadic, his pass for Pelle is intercepted by Morgan. Leicester break down the other end and Vardy pressures Van Dijk into conceding a throw-in. The forward again shows his willingness not to give up on a seemingly lost cause.
CLOSE: Once again Vardy is causing problems at the back for Southampton. He breezes past Wanyama and fires an effort at goal. Davis manages to collect his effort with ease. Good response from the visitors.
Mahrez is fouled midway through the half and Leicester will earn a free kick, which has stirred the away support into life. Saints players are apparently furious with the antics of Simpson. I think they feel Simpson took a dive earlier in play, but no action will be taken.
CHANCE: Dyer should have done better from the set piece. The ball falls into the Swansea loanee's path and, although he is hurried by Van Dijk, his effort is not the best. Missed opportunity for Ranieri's side.
CHANCE: Leicester escape at the other end as Mane breaks through the back line. Schmeichel rushed out, but fails to tackle the Senegalese man. However, Huth and Morgan were able to clear.
The introduction of Mahrez and Dyer at the interval looks to have been crucial to Leicester recent revival. City have enjoyed the greater attacking opportunities.
SOUTHAMPTON SUBS: Double change from Koeman as Clasie comes on for his Premier League bow, in place of Steven Davis. The other change sees the bloodied Soares replace by Yoshida.
Well, I've just seen a side-on replay and it looks as though Van Dijk was in an offside position before scoring Saints' second. Ranieri will be upset if that is the decisive goal this afternoon.
CHANCE: Leicester are only inches away from pulling one back at St Mary's as Mahrez gets onto his left foot and, from the edge of the 18-yard box, his effort is agonisingly wide of Davis's post.
PENALTY SHOUT: Saints players appeal for a penalty as Pelle flicks the ball up towards the hand of Huth, but that would have been harsh. The German defender made no effort to go at the ball with his arm.
Well, Leicester are back in this game and Dyer is very much the architect as he runs at the Saints back line and draws Van Dijk out of position. That allows Vardy to exploit the vacant space in the centre and he scores for the sixth straight game. Impressive from the England forward, but it's Dyer who deserves the plaudits for his build up play.
The atmosphere has very much changed and it is the City fans in full voice. Albrighton tries to deliver another menacing cross. Davis collects at full stretch, however, and Saints stay ahead.
SHOT: After Fuchs's cross is deflected out of play for a corner, the corner is cleared only as far as Drinkwater, but the former Manchester United man walks away in frustration as his shot continued to rise over the crossbar. An effort to forget!
The away side have their sixth corner of the game, many of those have come after the interval. This time is comes to nothing and Southampton breathe again.
Leicester seem to be attacking the area where Clasie is playing. The Dutchman has not made any particular mistakes since coming on, but he is probably better going forward that in retreat.
Another free kick for Leicester in a dangerous area. Saints are able to clear from Fuchs' delivery. Koeman looks to be ready to introduce Rodriguez in place of Tadic.
Dyer tries to move the Foxes back up field, but Ward-Prowse breaks up play. Leicester have very much dominiated proceedings in the second half. Yet, they still trail with just over 10 minutes left.
CHANCE: What a miss by Vardy. Neat build-up play on the left flank sees Mahrez cut the ball into the path of Vardy and his shot lifts just over the bar, with Davis very much beaten. He holds his head in his hands as that could have their chance to equalise.
SHOT: Mane tries a speculative shot from just inside the Leicester half, but he had acres of space to run into. The shot from long-distance was the wrong option as it drifts over Schmiechel's bar.
Schmeichel complains that he is fouled by Mane, but the winger appeared to beat the indecisive keeper to the loose ball, outside his area. Saints have a throw in and, more importantly, the chance to eat up time on the clock.
CHANCE: Another opening for the Foxes. Dyer has tormented Bertrand on the right flank and his delivers another cross for Vardy. His effort is bounces harmlessly into the palms of Davis. Southampton are living dangerously.
Davis's goal kick is not the best as Leicester push forward again. Yoshida plays Vardy on-side and the forward has the freedom of St Mary's to run into. He powers the ball past Davis. Leicester fans are going mental behind the goal and Vardy has his ninth league goal of the season.
Leicester can smell blood here. Saints concede another free kick and Huth tries his luck, but it's wide of the mark. The Foxes look like only ones, who can win this game at the moment.
What an amazing game! Southampton looked to be out of sight at the interval, with two goals from set pieces. However, Jamie Vardy is in the form of his life and two more goals from the England international have rescued his side a point.
Koeman will no doubt be angry that his side threw away a two-goal lead in the second half, but the plaudits surely must go to Leicester, who showed spirit and took a deserved draw from the South Coast.
Well, that's all from me this afternoon after an incredible 90 minutes. Stay with Sports Mole for all the latest news from around the Premier League and the rest of today's sporting action. However, from myself, it's goodbye.
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