The 21-year old joined the Tigers in August and was due to remain at the KC Stadium until the New Year but he has headed back to Leicester after sustaining a hamstring injury.
Waghorn, who scored one goal in five league appearances for Hull, will be sidelined until the end of December according to Foxes assistant boss Craig Shakespeare.
"He has been brought back for assessment and he is going to get some treatment here because it was a lot more serious than first thought and it wasn't really repairing," said Shakespeare.
"We have had him scanned and we will treat him on a week-to-week basis here. He probably won't be fit before the loan finishes anyway."