The 21-year-old centre-back has been strongly linked with a move to Stamford Bridge after missing out on Jules Kounde, who joined Barcelona.
The Foxes are said to have rejected two bids from Chelsea and it has been suggested that a world-record fee for a defender may be required to prise him away from the King Power Stadium.
That record currently stands at £80million, which Leicester received from Manchester United for the signature of Harry Maguire.
Fofana has played in Leicester's opening two league games of the Premier League season, and Rodgers expects him to stay at the club.
"The idea is that he’s still very much a Leicester City player," Rodgers told reporters. "I’ve said a number of times that he’s not for sale.
"The club have made that clear so unless anything changes, I would expect him to be here."
Fofana is one of a number of players linked with a move away from Leicester, with midfielders Youri Tielemans and James Maddison linked with Arsenal and Newcastle United respectively.