The 22-year-old only scored twice in 36 appearances last season and his last goal came in September in the win over Huddersfield Town.
According to the manager, a loan switch could be an option for the former Man City forward to help get him more game time and get his confidence back.
“It’s a possibility, it’s not something I’m thinking about,” Rodgers told Leicester Mercury.
“He’s a boy (Iheanacho) that’s just got to where he’s got to on his pure natural talent. He’s played some games for Manchester City and we’ve seen what he can do in his few appearances there.”
“I think when you come into a club like here with a hefty price tag, maybe you can try and force things too much as a young player. Normally after that season of adaptation then things can happen for you.
“Look at Divock Origi, he’s a classic example of a young player coming into a big club, although Kels is a bit older.
“There’s always that possibility [of a loan]. However, my plan for him is to build up his confidence in this last period.
“Then hopefully in pre-season, he’ll hit the back of the net and get the sensation of scoring again. And by the start of the season, we have a player who has the confidence.”
The former Celtic and Liverpool manager, Rodgers further added that Iheanacho has plenty of potentials to develop and he suggested he may look at a change of formation in pre-season so he can play both the Nigerian international and Jamie Vardy.
“There’s no doubt there’s something there we can work with,” he added.
“That’s what gives me great confidence.”
“At times, we’ll look at a different system that allows us to have two strikers up there.”
“If he’s playing with Jamie that’s a really good balance.”
“In previous clubs, I’ve played a diamond, I’ve played 3-1-4-2. The idea when I came here was simplicity, give clarity. and when they grasped the concepts then you can start to develop that.”
Iheanacho is one of the ten forwards included in Nigeria’s 25 man provisional squad for the 2019 Africa Cup Of Nations in Egypt next month.