Returning for their first U18 Premier League South outing of 2024, the Young Foxes made an encouraging start in Seagrave, taking an early lead.
Jake Evans put City's youngsters in front in the 13th minute, although Tyrique George did get Chelsea back on level terms before the interval in north Leicestershire.
Leicester thought they were on track for a morale-boosting success when Joshua King restored their advantage in the 71st minute, but were frustrated by Donnell McNeilly in the 90th minute.
This draw leaves the side coached by Adam Barradell eighth in the U18 PL South on 13 points from 11 matches, before travelling to Crystal Palace on Saturday 20 January (11am GMT kick-off).
The details
City: French; Aluko, McAlinney, Amartey, Thomas; Dyke, Ononaye; J. Evans, Donnelly (Lawrence 81'), Fisken (King 46'); Otchere.
Subs not used: Donohue, R. Evans, Adedeji.
Goals: J. Evans 13', King 71'.