It is the fifth alert for the river since April.
River levels remain high around the Pilings Lock gauge and more rain is forecast over the next 24 hours.
Areas most at risk are low-lying agricultural land and roads including Slash Lane at Sileby and the Mountsorrel to Sileby road, although flooding of properties is not expected.
People are advised to avoid using low-lying footpaths near local watercourses and plan driving routes to avoid low-lying roads near rivers, which may be flooded.
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