The centre-back was seen leaving Villa Park on crutches on Monday after suffering the injury while clearing the ball early in the first half of Villa's 2-2 draw with Brighton.
Torres has started 18 of Villa's 19 league matches this season and played in every Champions League game.
"Torres broke his fourth metatarsal and he is going to be out for, more or less, two months,” Emery told reporters on Friday.
Defender Diego Carlos and winger Jaden Philogene are also sidelined with minor injuries while attacking midfielder Morgan Rogers and striker Jhon Duran are both suspended for the Leicester match.
Rogers is serving a one-match suspension for five yellow cards, while Duran is in the second game of his three-match ban after receiving a straight red card for violent conduct during their 3-0 Boxing Day defeat at Newcastle United.
Villa are ninth in the Premier League with 29 points and fifth in Europe with 13.
“The first part of the season, we are really not thinking we are bad, but could be better, and the league is our priority," Emery added.
“Of course, we are in the (January) transfer window as well, and the club is moving forward to try to increase our level in the squad in case we can sign new players and in case someone has to leave, we are open to doing it."
“For January, there could be one option for Philogene, (that is) for the club to let him leave," Emery said of the 22-year-old Villa Academy product.
