The striker emerged as a surprise target for Arsenal on Friday after they reportedly activated £20million release clause in his current contract.
They are said to be hopeful of concluding a deal before he heads to Euro 2016 with England in what would be one of the most surprising transfers of the summer.
The move will be a huge blow to the Leicester, who would have been hoping to keep the star men that led them to an unlikely Premier League title this past season.
While they will be disappointed to see him leave the King Power Stadium, there is one club that will be delighted and that is Vardy’s former side Fleetwood Town.
That fee would be a huge windfall for the League One side, who will be hoping the Gunners can get the deal across the line.