The north London club have already activated the Leicester City striker’s £20million release clause, after firing the Foxes to least season’s Premier League title with 24 goals in the top flight.
But the England international has insisted he won’t announce a decision on his future until after Euro 2016, whilst Leicester City are working on an improved contract to keep him at the King Power Stadium.
And according to London Evening Standard, the 29-year-old has already informed Three Lions team-mates that he’s “80 per cent” in favour of staying on at Leicester.
The former non-leaguer understandably feels a great affinity towards the Midlands club and is worried about whether he’d start regularly at Arsenal next season with Olivier Giroud and Theo Walcott still on the books.
A snub from Vardy would see the Gunners switch their attentions to Juventus striker Alvaro Morata, but they’d face competition for his signature from Chelsea and Manchester United.