The Foxes forward was dismissed during their game at the weekend after picking up two yellow cards.
The Foxes' top goalscorer was sent off during their draw with West Ham after Jon Moss deemed that he had dived in the box to try and win a penalty so showed the England forward a second yellow.
And with the London Evening Standard reporting that Vardy's reaction to the dismissal may see his suspension extended beyond the usual one-game ban, Dembele suggested that the striker's absence could leave the door open for Mauricio Pochettino's men.
"Yes, of course," he told the London Evening Standard when asked Vardy's suspension gives Tottenham an advantage.
"He's one of their best players so it's good for us but we concentrate on our own game. It's good we have everyone available and that nobody is injured."
Although Claudio Ranieri's side have been most impressive this season when they have been expected to slip up, and thus, they may thrive in the coming games even if they have to play them without Vardy, the sending off as well as the emphatic victory Spurs picked up over Stoke on Monday may well be looked back upon as a turning point if the title race takes another twist.
Currently, Leicester are five points clear with four games to go. But with Manchester United and Chelsea ahead, they could have certainly done with having the 29-year-old available for their next game against Swansea as that is a contest that they will be expecting to win to almost slam the door shut on Tottenham's hopes.
However, with their talisman now out of that game - and perhaps further fixtures after that - Spurs will surely now have plenty of belief that the race is not over just yet.