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Arsenal have triggered the 24 goals striker release clause who guided the Foxes in winning the league last season.
However, the England international has revealed he is yet to decide about his future and the huge lucrative offer from Arsenal which will see him earn more than what he is being offered at Leicester City.
Leicester City have offered an improved contract that would see his wage rise to £100,000 per week, in an attempt to keep him at the Kingpower Stadium.
On Saturday, speaking at England’s 2016 training base at Chantilly, Vardy insisted he was not thinking about his club future.
“I’m just here completely focusing on England and that’s all I want to do at the moment,” said the 29-year-old.
“We’re here to represent England and that’s all I want to think about.”