The former England midfielder believes that the Foxes need to tie the forward down.
Former Liverpool midfielder Jamie Redknapp has suggested in his column in the Daily Mail that Leicester City need to reward Jamie Vardy with a new contract, after he broke the Premier League record for scoring in the most consecutive games.
While the 28-year-old still has two-and-a-half years left on his current deal at the King Power Stadium, Redknapp suggested that the Foxes have a decision to make regarding whether to offer him improved terms. But with Vardy in such sensational form, the club have only one option.
"It's a gamble for Leicester. Vardy has two-and-a-half years left on his contract so do they boost his deal and hang on to him or cash in? He's had a fantastic season, as have Leicester, but they will do well to repeat it next time around," he said.
"Vardy deserves rewarding and I hope Leicester keep him because he and the club are a great fit," he added.
Leicester were tipped by many as favourites to go down this season, after Nigel Pearson was replaced by former Chelsea boss Claudio Ranieri. However, Vardy's form has guided the club into the title picture.
While it may seem like an easy decision from Redknapp's perspective over whether to offer Vardy a new deal, with a considerable amount of time left on his current contract, the decision facing Leicester is arguably much more difficult.
Vardy's form would give the striker leverage to ask for a lot more money than he currently earns. And while rewarding their talisman seems a sensible move, by the time the former Fleetwood man's current deal expires, he will be 31-years-old.
At that stage of his career, he may well have lost that pace that has made him so effective this season, and thus, he will have become a much easier forward for defenders to deal with.
However, Jamie Vardy's career has become synonymous with proving people wrong, so perhaps, age will do little to prevent his rise to the top, making it foolish for Leicester not to offer him a new deal.