Arsenal win it! Ozil swings in the resulting corner and Welbeck meets it with a glancing header, finding the far corner in the last minute of added time.
Sanchez lifts another cracking cross into the far post with Ramsey looking to get on the end of it but Schmeichel punches out for a corner.
Gray makes a wonderful interception in his own box, taking the ball off the toe of Walcott just as he was about to lash another one on goal.
Sanchez lifts a wonderful cross in from the left but Giroud and Welbeck leap for the same ball! The last touch appears to come off Huth, but Leicester get the goal kick,
Terrific save from Schmeichel! Giroud, from six yards out, arrows one for the bottom corner but the Leicester keeper gets down to make an instinctive stop.
What a chance for Arsenal! Per Metresacker meets a cross inside the six yard area but guides his effort just wide of the post.
Here he is, Danny Welbeck is on for his first appearance since April last year. He replaces Oxlade-Chamberlain.
Gray does well to nick the ball from Ozil and relieve the pressure on his side, driving up the right hand side flank. He ends up running the ball out of of play, but good work none the less from the youngster.
Sanchez snatches at another chance, completely miss-hitting an effort inside the box, allowing Leicester to hack clear.
Bellerin cuts in from the right and once again, no one can get near him. He slides a fine pass through for Sanchez on the opposite flank but the Chilean gets his effort all wrong, whacking it well wide.
The ball breaks to Ramsey on the edge of the area but the midfielder screws his effort wide of the far post. Leicester badly need a breather, here.
Huth makes a brave diving header to knock the ball clear and narrowly avoids Oxlade Chamberlain's boot meeting him right in the mush. Arsenal are rampant at the moment.
Arsenal are level! Hector Bellerin lifts a cross in from the right that Giroud expertly knocks down to Walcott, who lashes a fine effort into the far corner.
Walcott brilliantly turns his man out on the right and clips an inviting ball across the six yard area but Giroud is nowhere to be found and the ball trickles out of play.
Kante, who has been sublime all game, picks out a fine pass to release Vardy down the inside right channel. The slightly knackered looking striker hits it first time across goal but it's an easy save for Cech.
Half an hour of this contest remaining, Leicester are down to 10 men but they aren't exactly clinging on at the minute. It's been a gripping contest.