Redknapp's side are top of the table going into the game, with Leicester third having lost two of their last three league matches.
Victory at Loftus Road would see Rangers remain in pole position for Christmas and Redknapp has urged his players to make the most of that opportunity.
"It will be a good atmosphere. A full house, everyone in the festive spirit and two (of the) top sides in the Championship," he said.
"They've had some difficult games recently and some mixed results, but I'm sure they'll be there at the end of the season.
"It's a big opportunity for us. The league table will look really positive for us if we can get a positive result
"Leicester have got loads of pace about them. We've had them watched several times and they're a good, good side.
"There's seven or eight teams who will be up there competing for promotion - I expect us and Leicester to be in the mix for sure."
Watch QPR take on Leicester - coverage begins on Saturday at midday on Sky Sports 1 HD