Last season's top scorer Fryatt had his pre-season preparations hampered by a leg infection following surgery at the start of the summer.
Fryatt made his only friendly appearance against Real Valladolid last weekend, scoring the goal that gave the Foxes a 1-0 win over the Spanish club.
Oakley was forced off after an hour of that game after twisting his knee but the midfielder has trained this week with no ill-effects.
City boss Nigel Pearson has signed Sunderland striker Martyn Waghorn on loan until January 11 and he is in contention for a place in the squad.
