The Gunners have offered the forward a contract and were expecting a response from the Leicester City striker before he jetted off to France with the England squad on Monday.
However, with Vardy having joined the Three Lions on the plane to Chantilly, without having informed Arsenal of his decision, major doubt has been placed on the transfer.
Indeed, according to the Mirror, Arsene Wenger is no longer expecting Vary to sign for the club, and fear that they may miss out on their man even if the Gunners are prepared to meet the forward’s £20 million fee release clause.
Indeed, with Vardy having missed the presumed deadline to confirm his plans, Wenger believes that his offer of a £120,000-per-week deal—fee as per the Mirror—is set to be rejected.
The England international shone this season as he scored 24 goals in 36 league outings to take the Foxes to an unforgettable title victory.
However, at 29, it remains to be seen how long the former Fleetwood Town attacker would be able to maintain his current level of performance.