Brendan Rodgers' side could be in the relegation zone by the time they host Nigel Pearson's men at the Madejski, but Bertrand believes they remain a bigger club.
He said: "Leicester is a big club if you go back through the history books.
"But at this moment in time the league positions are irrelevant. Reading is a better football club than Leicester.
"They say the table never lies, and I guess it doesn't, but that just shows they're on a better run than us at the moment.
"The fact is we're a better football club than Leicester and we should go out there as favourites."