It was widely reported late last week that Arsenal boss Arsene Wenger had activated the 29-year-old's £20 million buyout clause with the Premier League champions.
England international Vardy, who netted 24 Premier League goals this past season, was expected to decide his future on Monday but the wait goes on, though the Gunners would like an answer before Euro 2016 kicks off this weekend.
Given his age, it might be his last chance to play for one of England's elite, but The Telegraph state that three of his Foxes colleagues have implored him to remain at the King Power Stadium beyond this summer.
Short term, Arsenal cannot offer him anything more than Leicester, who are in the Champions League and will surely give him a bumper pay packet to stave off outside interest, but will Leicester retain their top-four status next season?
Long term, joining the North Londoners might be the wise career move, but it remains to be seen what the former non-league footballer does.