The Gunners have made a shock swoop for the 29-year-old, and are offering a lucrative contract to tempt him away from the Foxes.
However, although a medical has been scheduled, the move has not been agreed as of yet – reveals ESPN.
With Euro 2016 in the near future, the north Londoners are keen to complete a deal before the tournament and have set the medical early in an effort to do so.
Arsene Wenger has turned his attention to Vardy after he helped to inspire Leicester to the Premier League title last season.
In 36 top flight matches, the England international scored 24 goals, and managed eight assists in Claudio Ranieri’s outfit.