Having spent last week in the England camp, Vardy passed a final weekend with his family before he travels to France with the Three Lions for the European Championships.
According to BBC Sport, Vardy is understood to be planning to inform the Gunners of his decision of whether he is planning to sign for them or not before flying to France.
However, with the Three Lions jetting off from Luton airport en route to Chantilly, France at 10:30 GMT, the Leicester City frontman only has a matter of hours to make a final decision on his future.
The website reveal that the Gunners and the Foxes have agreed a fee for the forward, while the north Londoners have proposed a four-year deal and increased wages to the 29-year-old.
Vardy bagged 24 goals for Leicester last season as they clinched an unlikely Premier League title, and could be a star man for England at the Euros this summer.