Former Arsenal midfielder Ray Parlour has claimed to talkSPORT that Jamie Vardy's move from Leicester City is now off despite the fact that the striker had already begun his medical at the club before flying out with England.
Vardy proved a surprise sensation as the Foxes won a historic league title this season, scoring 24 goals in 36 Premier League matches, and has become an established England international off the back of his domestic success.
That form led to speculation that a traditionally more successful club may come in for him this summer, rumours which were only intensified when it was reported that the striker had a release clause which would allow Champions League clubs to sign him for around £20 million.
Arsenal subsequently launched an offer which activated that clause, and Vardy is mulling over the potential move while away on England duty for Euro 2016.
Conflicting reports have emerged in the days since that development about what the 29-year-old's decision will be, but Parlour thinks he knows that the deal is all but off.
The former midfielder told talkSPORT: "It looks like it isn’t happening now. I was at the Arsenal the other day and there were big reports flying around, and the club’s cameramen and digital staff had to get down to the training ground.
"So it looked like it was going to happen - there was a medical being done. But it seems Vardy thought about it while on England duty, and suddenly there was a U-turn."
If that proves to be true, it is a huge move from Vardy to pull out of the deal at such an advanced stage, and a huge boost for Leicester as they look to hang on to their star players.
For Arsenal, however, it will be a big blow to be rejected by the star striker, as it suggests that the pull of playing for such a historically large club has not been enough to persuade him to move to the Emirates Stadium.