Leicester City vice-chairman Aiyawatt Srivaddhanaprabha is confident the foxes star will turn down Arsenal and stay with the current English Premier League champions.
The Leicester chief is believed to be in regular contact with Leicester boss Claudio Ranieri as they regularly discuss summer transfers and the situation of Vardy ahead of next season.
This latest development will come as a big blow to Arsenal’s pursuit of the striker who was pivotal to Leicester surprise Premier League victory.
Arsenal reportedly met the strikers £20million release clause before the start of the European championship commenced in France, but Leicester have tabled a counter offer by informing the 29 year old Vardy they are prepared to pay him more than £100,000 per week.
The England striker could have signed a deal before flying with his National team to France for the summer tournament but has opted to delay his decision until after the European Championship.
Vardy has the final say on whether he will stay at the King Power stadium or not, but the foxes are already planning for next season on the basis that Vardy stays on.
Srivaddhanaprabha told Sportsmail,
‘You will see the news very soon, But I think he will stay’.
‘I think, so let’s see. We need to build the team. We keep continuing to believe that we can do something special in the Premier League and the Champions League.
‘The Champions League is going to be amazing for Leicester, so let’s see. Leicester is the underdog and we can still be the underdog.’
Vardy, who was largely responsible for the Three Lions’ 2-1 victory over Wales on Thursday, as he scored the equaliser after being substituted on at half-time, will be hoping to start that next fixture – England’s final Group B game, against Slovakia
The winner of the Football Writers’ Player of the Year scored 24 goals for Leicester last season signed a new contract in February, when the release clause was inserted.
On his frequent communication with Ranieri now that the season is over, Srivaddhanaprabha said: ‘A lot. We talk a lot. We are like family.
‘We manage all the football, the players, the staff, we are like a family, so a lot.’
Srivaddhanaprabha spoke to Sportsmail at the Laureus King Power Polo Cup, which was raising funds for Laureus Sport for Good, and even had the Premier League trophy with him.
‘It’s something special,’ he added. ‘I want people that play sport to be inspired by what Leicester did last season. It’s good for sport in the world.
‘It’s good to be part of history and the success and we will keep continuing doing that but it will be tough next season.
‘I cannot compare myself to another owner but the best thing is we love sport. The first day we talked to the team and we showed that we are doing something we love and that we can succeed.
‘I think everyone in Leicester is still pinching themselves. Even the players and staff. Now the season is finished and we have to move on.’