But despite dominating possession at the King Power Stadium on Friday they fell to a loss due to a clever Perez header, his seventh Premier League goal of the season moving Newcastle up to 13th, 10 points clear of the relegation zone.
Salomon Rondon's free-kick smacked off the crossbar from 25-yards out which had left Kasper Schmeichel nowhere near the number nines effort.
But Leicester gradually gained control and Martin Dubravka had to make saves from Ben Chilwell and Harvey Barnes, both players exploiting gaps down Newcastle's right.
Vardy had Leicester's best chance to equalize, lifting a shot over the bar from close range after being fed a pass by Youri Tielemans with 10 minutes left.
What does it mean? They have been brilliant since we came in and this has been the first real disappointment for them.
Newcastle need reinforcements, but everything is up in the air at the moment because owner Mike Ashley is looking to sell the club for £400m, despite it being valued at £300m.
"The important thing is learning from it, we're here to help the team improve eventually in these types of games".
The last time Leicester won a Premier League game in which they trailed at half was in October 2015 against West Bromwich Albion. The Magpies have played two more games than the Welsh club.
Perez nearly squeezed home the second goal for Newcastle with 14 minutes remaining after getting on the end of a loose ball at the near post but Schmeichel was alert to make the save this time.
Despite being put under pressure in the latter stages of the game, Newcastle held firm to claim the points.
"It was a good game against a good team", said Newcastle manager Rafa Benitez.
And Perez believes the result was the most important yet this season given that it has nearly certainly ensured another season of Premier League football on Tyneside.
- Newcastle have now picked up 16 points away from home in the Premier League this season (P17 W3 D7 L7), as many as they earned in the whole of the 2017-18 campaign on the road.
- Horizon: The Frozen Wilds Voice Actor Teases Horizon Zero Dawn 2
- Chevron reaches agreement to acquire Anadarko
- The NBA’s Eastern Conference Playoff Matchups Are Set
- Tsunami warning in Indonesia!
- Ozzie Albies explains why he chose to sign contract extension
- FCC announces $20 billion for rural broadband providers, schedules third 5G auction
- Facebook's chat feature could be returning to the mobile app
- Jallianwala Bagh massacre centenary: PM Modi pays tributes
- Bottas denies Hamilton pole in Shanghai
- First Warning Forecast: Warmer, windy, and a threat for severe storms