Jamie Vardy has rejected a move to Arsenal and will sign a new and improved four-year deal with Leicester City.

Arsenal triggered the release clause in Vardy's contract worth £22 million.

In a statement on their website on Thursday, Leicester confirmed that a deal in principle has been agreed between Vardy’s agent and the club.

“Leicester City have today (Thursday) agreed with the representatives of Jamie Vardy to extend the England international’s contract with the Premier League champions for a further four years,” said the statement.

“Both parties hope that this announcement will end recent speculation regarding Jamie’s future and confirm his long term commitment to Leicester City Football Club.

“Jamie will continue to focus all of his efforts on trying to achieve success with the England team at the European Championships in France. There will be no further comment from either the Club or the player on this matter until the conclusion of the tournament.”