Vardy was sent off during Leicester’s 2-0 win over Wolverhampton Wanderers at the King Power Stadium on Saturday, leaving him unlikely to feature when the sides meet in a fortnight's time.
The Leicester striker was penalised by referee Mike Dean after a high challenge on Matt Doherty and will now miss the Foxes’ next three games, including their home game against Liverpool on September 1.
Vardy has a fantastic record against Jurgen Klopp’s side, having scored seven goals in his last five games against the Reds. Leicester manager Claude Puel admitted after the game that he believed Vardy was unlucky to be sent off, but hinted that Leicester would not appeal the decision.
“I think it perhaps was a little tough, because it was not his intention to make a foul,” said Puel.
“He touched the ball. After, he was perhaps too enthusiastic, on his move, on his tackle. It’s a pity.
“I want to support him. He likes playing all the time, 90 minutes if he can. We now need to find a solution to replace him and it will be a good opportunity for some other player to show their quality.”
Vardy’s suspension could open the door for Kelechi Iheanacho to return to the first team after he was dropped to the substitutes' bench following last week’s defeat to Manchester United. Leicester face Southampton in their next game on August 25.