During the 1981–82 English football season, Leicester City F.C.

competed in the Football League Second Division.

In the 1981–82 season where the Football League decided to increase the points total on a win to three instead of two points, Leicester's start was inconsistent but during the last couple of months of the campaign, the Foxes revived strongly and finished in eighth.

At the end of the season, Wallace left to join Motherwell.

Note: Flags indicate national team as defined under FIFA eligibility rules; some limited exceptions apply.