Haaland was withdrawn in the 0-0 draw with Dortmund due to a foot issue.
Guardiola is hopeful of having his striker available at the King Power Stadium on Saturday for the 12:30 (UK time) kick-off.
He told waiting media in his press conference that Haaland is feeling better ahead of the Foxes clash.
The manager will assess his fitness in training later this afternoon.
If Haaland can’t play, Guardiola could turn to ‘first option’ Alvarez to come into the side.
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He said: “Normally when Erling is not ready, Julian is the first option.
“Of course we are going to play him, definitely. He can play in a false nine, but I don’t think this will happen.
“I think Julian can drop and is good [at] dropping, so if Erling is not playing, not tomorrow, for the future, Julian is the first option.”
Alvarez has seen his chances limited due to the form of Haaland.
But Guardiola knows the Argentinian forward will be ready if called upon.
He added: “Play every game 90 minutes and he will score goals, maybe not like Erling.
“I know how difficult it is when you don’t play regularly.
“But since day one we are really impressed on many, many things with him.”
