Super Eagles duo Kelechi Iheanacho and Wilfred Ndidi were in Leicester’s starting eleven before they were replaced in the 59th and 82nd minutes respectively.
It was Saka’s 12th assist in all competitions for Arsenal in the current campaign.
Pierre-Emerick Aubameyang had put Arsenal ahead in the first half before Jamie Vardy grabbed a late equaliser.
Aubameyang is now the second ever Arsenal player to score 20-plus Premier League goals in consecutive seasons, after Thierry Henry (five in a row between 2001-02 and 2006-06).
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And Vardy’s goal made him the fourth player to score at least 10 Premier League goals against Arsenal, after Wayne Rooney (12), Robbie Fowler and Harry Kane (both 10).
The draw leaves Arsenal in seventh place on 50 points and Leicester in fourth on 59 points.
After dominating the early part of the game Leicester were caught on the counter with Pierre-Emerick Aubameyang opening scoring on 21 minutes.
Saka was freed down the right-hand side and slid a delightful low pass through to Aubameyang at the far post who slotted home to make it 1-0.
Arsenal kicked into high gear, and created chances for Hector Bellerin and Alexandre Lacazette, though Kasper Schmeichel remained resolute to keep the Arsenal lead at just one.
Following the break, David Luiz’s deflected free kick brought about a fine reflex save from Schmeichel.
At the other end, Jamie Vardy picked out strike partner Kelechi Iheanacho with a divine cross, but the front man’s first-time volley was comfortably saved by Emiliano Martinez.
In the 71st minute, Arsenal were reduced to 10 men after Eddie Nketiah was given his marching orders for a high boot on James Justin.
The youngster had only been subbed on minutes prior, and after initially being given a yellow card, the referee upgraded the punishment to a red after consulting with the VAR pitchside monitor.
It would ultimately prove costly, when in the 85th minute, Vardy survived a lengthy VAR review for a potential offside to level the scores with a fine first-time finish.
Despite the man advantage, Leicester created relatively little as the game wound down, ensuring both sides ultimately had to settle for a 1-1 draw.
By James Agberebi
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