They are now hoping to conclude a deal for the forward before the weekend ends in a deal that has taken the Premier League by surprise.
Indeed, some have suggested that the move makes little sense as the striker, who was the second highest goal-scorer in the division this past season, does not fit into their style of play.
However, on closer inspection there are several reasons why a move for the England striker makes perfect sense.
He is an upgrade on Theo Walcott
Walcott has long been criticised when playing in the striker’s role, with many believing he lacks the composure or finishing ability to do it effectively.
Vardy represents an upgrade on Walcott though, offering better runs, better finishing ability and the sort of composure that the Arsenal man can only dream of.
He offers Arsenal something different
If there is one criticism that has been labelled at Arsenal for a number of years, it is that they are one dimensional in their play.
When they are free to pass the ball like a Barcelona-lite, they are a joy to behold. However, when that style does not work they have often been accused of lacking a Plan B.
Vardy offers just that, giving them the chance to go direct in a manner similar to that which was key to Leicester’s Premier League title winning season.
He is relatively cheap
Prolific strikers are hard to come by as every club wants one. That makes them extremely expensive also.
If you are looking for one with Premier League experience, who has just scored 24 goals in the top flight, you will have to pay big money for his services. Just look at Romelu Lukaku who is valued at £60million-plus this summer.
Vardy scored more goals than him this past season, and won the league to boot, making £20million something of a steal for a club as rich as Arsenal reportedly are.