Jamie Vardy
Jamie Vardy will have to make a decision regarding his future destination before traveling with England for Euro 2016Getty

Leicester City striker Jamie Vardy's move to Arsenal looked signed and sealed on Saturday after Claudio Ranieri confirmed the Gunners approach for his star forward. The north London club are said to have agreed a £20m ($28m) fee with the Foxes and offered the England international a four-year deal.

However, his move to the Emirates Stadium looks to be in danger as the King Power Stadium outfit have made a counter-offer with the promise of a bigger pay packet if Vardy remains with the Premier League champions. According to BBC, the striker is set to make a decision with regards to his future on Monday, before the Three Lions leave for the European Championship finals beginning in France on 10 June.

The Italian manager has admitted that 'it was all true' when questioned about Arsene Wenger's interest in Vardy and was resigned to losing him, but a counter offer from the club has turned the Leicester striker's head and could persuade him to remain at the King Power Stadium beyond the summer.

According to Telegraph, the reigning champions have identified Watford's Troy Deeney as a possible replacement should the 24-goal forward depart Leicester in the coming days.

It is believed that Vardy is keen on a move to north London, with Arsenal striker Olivier Giroud already offering Wenger advice on how to play the duo together next season. Ranieri, however, will be hoping that the striker accepts their new offer and remain with the club. The former Chelsea manager is keen to retain his title winning squad as the club are set to make their debut in the Champions League next season.

The 64-year-old manager is aware that Vardy's exit could spark an exodus of the top players, including Riyad Mahrez and N'Golo Kante. Arsenal have been also linked to the PFA player of the year, with the Sun reporting that the Gunners have opened talks to complete a double swoop.