Arsenal tried to sign Vardy last summer after his 24 goals helped propel Leicester to the 2015/16 Premier League title.
The Gunners triggered his £20million release clause but the England international instead put pen to paper on a new four-year contract at the King Power Stadium.
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Jamie Vardy has returned to his best form
And according to bookmakers Betfair, Arsenal are 5/1 favourites to finally get their man when the transfer window reopens this summer.
But Arsenal could face competition for his signature, with Liverpool (7/1), Newcastle (8/1) and Celtic (25/1) also in the market.
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Arsene Wenger tried to sign Jamie Vardy last summer
The pacey 31-year-old has endured a difficult campaign at Leicester so far this season but has returned to this best form since the sacking of Claudio Ranieri in February.
He's bagged four goals to help Craig Shakespeare's side to four successive Premier League wins, lifting the Foxes to 13th in the table.
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