Vardy has put pen to paper on a new three-year deal which will keep him at Leicester until June 2019.
Waghorn, who joined Rangers in the summer of 2015, played with the England international striker at Leicester and is delighted with the news.
@vardy7 congrats pal well deserved, great win for yous too— Martyn Waghorn (@MWaghorn33) February 6, 2016
Vardy has been in superb form so far this season and has been one of the best players in the Premier League.
The 29-year-old striker has scored 18 goals and created 30 chances in 25 league games so far this campaign.
The Englishman has a pass accuracy of 65% and a shot accuracy of 58%, and has won 71 headers, 23 dribbles and 22 tackles.
Leicester are at the top of the Premier League table at the moment with 53 points from 25 matches, five points clear of second-placed Tottenham Hotspur.