Sinclair is back at Stamford Bridge after a spell at QPR but has fallen down the pecking order following Florent Malouda's return to fitness.
Holloway told BBC Radio Leicester: "Someone like Scott who I have borrowed before would be a great option. We've asked about him and we're waiting."
Sinclair, 18, played for Holloway while on loan at Plymouth last season.
In the Football League, loan deals are permitted once seven days have passed following the closing of the transfer window on 31 January.