Jamie Vardy is set to sign a three-and-a-half year contract extension with Leicester City.

Vardy currently earns £40,000 a week on a deal that has the best part of two and a half years to run and will receive a substantial raise.

Chelsea and Liverpool are among several Premier League clubs to express interest in Vardy.

Vardy was signed by Leicester for just £1 million in 2012 from Fleetwood Town.