The England international striker has been on the books of Leicester since 2012 and has a contract until June 2018, according to Transfermarkt.co.uk.
Vardy was an important player for the Foxes in the recently concluded 2014-15 season and did his bit in helping them stave off relegation to the Championship.
The 28-year-old former Fleetwood Town man scored five goals and created 35 chances in 34 Premier League appearances.
The striker had a pass accuracy of 64% and a shot accuracy of 60%, and won 64 headers, 28 dribbles and 25 tackles.
According to The Sunday People, Leicester value Vardy at around £15 million, but Villa manager Tim Sherwood is still willing to press on with the transfer.
It is a lot of money to pay for a 28-year-old who could manage just five goals in the league in 2014-15, and perhaps it would be wise of Villa to look elsewhere for a striker.