The Foxes were docked six points earlier this month after being charged with breaching profit and sustainability rules. Following two recent defeats, the club sits in the bottom three, two points from safety. Leicester described the punishment as "disproportionate" in a statement released on Wednesday.
The Premier League has confirmed it is seeking an urgent resolution to the appeal before the end of the season. This process will also include a ruling on the League's own appeal regarding the commission's decision not to sanction Leicester for late account submission.