The Premier League champion has all but agreed his move to Arsenal as the club pencil in a medical before he travels to Euro 2016 with the England squad on Monday
The 29-year-old will travel to France with the England squad ahead of Euro 2016 on Monday and Gunners officials are desperate to complete the deal before the tournament gets underway after activating his £20 million release clause.
Vardy scored 24 goals last season as Leicester City won their first ever Premier League title, finishing 10 points above the second-placed Gunners.
After rising from non-league to top flight football, Vardy was named Football Writers' Player of the Year after his scintillating performances in attack for the Foxes which included goals against Arsenal, Chelsea, Manchester United and Liverpool.
Vardy is represented by the same management company as Arsenal stars Theo Walcott and Gedion Zelalem, along with youth team prospects Jay Beckford and Daniel Crowley.
Goal understands that Vardy's England team-mate Jack Wilshere has played a huge part in persuading his compatriot to join him at Emirates Stadium and that a medical has been pencilled in for Sunday afternoon at the club's London Colney training ground.