Vardy still on decision.

Arsenal hoped to wrap up the signing of Jamie Vardy before Euro 2016, but a transfer that looked inevitable has been thrown into doubt as the Leicester striker stalls on his future.

Over two weeks since triggering Vardy's £20m release clause, Arsenal manager Arsene Wenger has said he expects the striker to stay at the King Power Stadium, while Leicester's vice-chairman says he is confident Vardy will reject the Gunners to pen a new contract with the Premier League champions.

Sky sources say Vardy is still deliberating, but what would it mean for Arsenal if he turned them down? What would it mean for the Foxes? And what would it say about the Premier League in general?

For Arsenal, it would not be the first time a high-profile striker pursuit has ended in frustration. The Gunners' issues up front date back to Robin van Persie's departure to Manchester United in 2012, with Luis Suarez and Gonzalo Higuain the most notable names to have slipped through their fingers.
But while Wenger could point to Liverpool and Real Madrid's financial demands as the decisive factors behind missing out on Suarez and Higuain, Vardy's case is different. This time, there is no ambiguity over a buy-out clause. Even Claudio Ranieri has admitted the decision lies solely with the striker.

Outright rejection by a player who was playing non-league football just four years ago would certainly raise awkward questions of Arsenal. Do they still have the same draw? Are they viewed as credible challengers for major honours?
On the one hand, it is not inconceivable that Vardy might favour his chances at Leicester. The Foxes overcame 5,000-1 odds to achieve the unthinkable last season; Arsenal haven't won the title in over a decade.

And while Wenger's men are 6/1 to win it next year compared to Leicester at 33/1, they haven't mounted a lasting challenge since finishing four points off the top in 2007/08.
It would be understandable for Vardy to ponder Arsenal's pitfalls as he considers his options, but there is little evidence to suggest the Gunners have lost their draw.

Arsenal remain one of the richest and most prestigious clubs in the world, and the recent arrivals of Mesut Ozil, Alexis Sanchez and Petr Cech suggest the attraction is in fact stronger than ever.

Rejection would be an undoubted blow for Wenger in his search for an elite goalscorer, but for Vardy the decision would say more about Leicester than Arsenal. The 29-year-old has become a talisman and leader under Ranieri, he is cherished by fans, and Leicester's counter-attacking system is perfectly-tailored to his strengths.