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Published 15:07 5 Jun 2016 BST
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The transfer fee for the 29-year-old striker is arguably inconsequential for the majority of Foxes' fans, but it will sting just that bit more that the club will only get £13.2m for their star striker, who scored 24 goals last season.
Vardy spent a season with Fleetwood, scoring 31 goals in 36 games in the Conference Premier, earning the side promotion to League Two and himself a move to Leicester for £1m, which was then a record for a non-league player.
Now Vardy's fairytale ascent up the English footballing ladder looks let to be complete with a move to the Gunners, although some might argue it is a step back for the Premier League champion to join last season's runners-up.World Cup 2026 prize money: The staggering amount the winners can earn revealed
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