The 24-year-old forward finds himself some way down the attacking pecking order with the Foxes, and has found game time hard to come by as a result.
With David Nugent, Jamie Vardy, Jeffrey Schlupp and Gary Taylor-Fletcher blocking his path, Waghorn has already taken in one spell away from the King Power Stadium.
He linked up with Millwall in September and impressed during his time in the capital.
Former Lions boss Steve Lomas was keen to strike a permanent deal, but that interest has cooled in the wake of his departure.
Wigan are, however, prepared to offer Waghorn a clean slate.
The Latics remain short on goals and boss Uwe Rosler is eager to bolster his attacking ranks in an effort to aid a second-tier promotion push.
Any deal for Waghorn would likely see him remain at the DW Stadium until the end of the season.