Vardy's buyout clause is only open to Champions League clubs and no one else has made an acceptable offer.
England boss Roy Hodgson has made it clear that he does not want medicals or negotiations being done while on Euros duty and Arsenal believe they can get it done quickly.
Further discussions are expected this weekend but the deal is moving quickly.
JAMIE VARDY FACTFILE
Age: 29 (Born January 11, 1987)
2003 - Released by Sheffield Wednesday aged 16 and joins local non-League club Stocksbridge Park Steels
2009 - Promotion with Stocksbridge to Northern Premier League
2010/2011 - Joins Northern Premier League club Halifax for £15,000 and wins title, scoring....
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