Looking at the Fifa Criteria, I think there might be a decent Chance.
There are to be 16 stadiums to be included in the "Bid Book". (Germany had 12 stadia used in the finals).
There are 15 Cities that have applied to be Hosts:
Birmingham, Bristol, Derby, Hull, Leeds, Leicester, Liverpool, London, Manchester, Milton Keynes, Newcastle, Nottingham, Portsmouth, Sheffield and Sunderland.
FIFA rules state that one city is allowed to use two Stadia. This will obviously be London.
Using this Rule, by current size, The Walkers Stadium is the 11th biggest ground eligible for selection.
1. Wembley
2. Old Trafford
3. Emirates
4. St James Park
5. Stadium Of Light
6. City Of Manchester
(Ineligible - City's 2nd Stadium)
7. Anfield
8. Villa Park
9. Stamford Bridge
(Ineligible - City's 3rd Stadium)
10. Goodison Park
(Ineligible - City's 2nd Stadium)
11. Hillsborough
12. Elland Road
13. White Hart Lane
(Ineligible - City's 4th Stadium)
14. Upton Park
(Ineligible - City's 5th Stadium)
15. Riverside
(Not Applied to Host)
16. Pride Park (Increase to 44k)
17. Bramall Lane
(Ineligible - City's 2nd Stadium)
18. St. Mary's
(Not Applied to Host)
19. Walkers Stadium (Possible increase to 40k)
...22. City Ground (Possible move to 50k stadium)
...34. KC Stadium (Plans to increase to 32,500)
...45. Stadium:mk (Possible increase to 32K)
...46. Ashton Gate (Could increase capacity to 40k)
...48. Fratton Park (Possible new Stadium, upto 45k)
If Leicester did manage to get on the list, I think it would be one game at most. But being a host city, we would get the fan parks, aswell as numerous travelling fans.