According to the Mail, the 29-year-old will put pen to paper on a new three-and-a-half year deal that will see the striker pocket £60,000 a week.
The news that Vardy is set to confirm his commitment to the Foxes may prove to be a blow to Manchester City and Chelsea, as the Mail reports that the pair were considering a move for the England international.
But it now appears that Vardy is determined to stay put, and perhaps help Claudio Ranieri's side potentially maintain their place in the title race. Currently, Leicester are sat three points clear at the top of the table, largely thanks to Vardy's form.
The former Fleetwood Town forward is the division's top goalscorer with 16 strikes to his name. And it will surely be down to whether Vardy can sustain his form that will determine whether Leicester can continue their amazing season by perhaps lifting the Premier League trophy.