England's Jamie Vardy in action
The Premier League winner has to decide whether to make the move after Arsenal met his release clause of £20 million, open to Champions League clubs.
Former player and manager Stuart Pearce yesterday told the Alan Brazil Sports Breakfast show on TalkSPORT that he wanted Tottenham Hotspur to make a bid for the England international.
Yet Arsenal have key advantages that make them a bigger draw than Tottenham, and give them the ability to persuade Vardy to leave his hero status at Leicester behind.
Jamie Vardy celebrates after scoring the third goal for Leicester City
Here is a look at why Arsenal hold an advantage in the Vardy race...
Champions League regulars
The next step in Jamie Vardy's club career is playing Champions League football, the question is simply where. Arsenal have qualified for the Champions League every season Arsene Wenger has been in charge, and despite some near misses, the Gunners are a sure bet if Vardy wants to be in competition beyond next season.
Arsenal manager Arsene Wenger
Tottenham have qualified for the competition only twice, and Vardy may consider that they offer him no greater guarantee of making it in for 2017/18 than he already has at Leicester.
It's impossible to pretended that money will not be a factor for the newly married England ace, who has only established himself as a Premier League player over the past two seasons.
Arsenal already pay huge wages to superstars Mesut Ozil and Alexis Sanchez, and could offer Vardy the chance to earn more than he will get at Leicester.
Tottenham can hold their own, but with their stadium under construction and not having the year in and year out Champions League guarantee as a standard Arsenal have set for themselves, they will not want to over commit, and cannot compete with the Gunners regarding the terms they could offer Vardy.
Better chance of a starting spot
Jamie Vardy plays alongside Harry Kane for England, and knows just how difficult it would be to force him out of the first team.
England's Harry Kane
Arsenal meanwhile have a less prolific strikeforce, with Olivier Giroud, Theo Walcott and Danny Welbeck each inconsistent.
Vardy has a better chance of forcing his way to becoming the club's number one striker than he would stand at Spurs, and this would make them more tempting to him as a potential destination.