The 19-year-old has been used as a substitute in 10 of City's 11 league games so far this season following his arrival from Sunderland.
He has shone coming off the bench, not least at the weekend, when his second Foxes goal earned a 1-1 draw at midlands rivals Coventry.
"I'm really happy to be coming on. Whatever the manager wants me to do I'll do it," Waghorn told BBC Radio Leicester.
With Steve Howard, Paul Gallagher, Yann Kermorgant, DJ Campbell and Dany N'Guessan all vying to partner top scorer Matty Fryatt, competition for places is fierce.
Waghorn added: "It's up for grabs, but whoever it is will do a great job. If it's me then great if it's not then I'll support whoever it is."