The talented Reds youngsters will be available for the Foxes' next six matches - starting with Tuesday night's away npower Championship clash at Bolton.
City boss Nigel Pearson told the club's official website: "Not only do Michael and Jesse add a great deal of quality to the group, they are also the type of hungry, young players that will fit in well with what is already a very strong squad."
Speaking to ManUtd.com recently, Lingard admitted he was relishing the prospect of obtaining regular first-team football.
"I think it will be a lot more physical going out on loan but we're going to have to adapt to that anyway," he confessed. "I don't know if I will be sent out on loan this year or next year but I'm still training with the first team every now and then and am getting stronger with them."