Leicester are having a fabulous season and are favourites to win the Premier League title.
The Foxes are at the top of the league table at the moment with 73 points from 34 matches, five points clear of second-placed Tottenham Hotspur.
Waghorn, who left Leicester in 2014, is happy to see Claudio Ranieri’s side enjoy a truly stunning season, and believes that they will win the Premier League title.
"It's hard to sum up what they're doing, it is just so fantastic," the 26-year-old told Sky Sports. "They are continuing their great run of form from the end of last season... and I'm speechless. They've had a purple patch that has lasted all season.
"They've got players full of confidence and they are four games away from clinching it. You really can't see them slipping up. Huge credit to the defence, the whole team, they've just been so consistent.”
Waghorn himself is having a great season with Rangers, having scored 28 goals for the Gers despite his injury problems.
The Glasgow giants have already won the Scottish Championship title this campaign and will play in the Scottish Premiership next season.
Rangers have also clinched the Scottish Challenge Cup this season and have progressed to the final of the Scottish Cup.
Meanwhile, Leicester will take on Swansea City at the King Power Stadium in the Premier League this evening.