Vardy has been on the books of Leicester since 2012 and has been a key figure at the club over the years.
The 34-year-old helped the Foxes get promoted from the Championship at the end of the 2013-14 season.
Then in 2015-16, Vardy played a key role in Leicester winning the Premier League title against all the odds.
The former Fleetwood Town striker scored 24 goals and gave six assists in the league that season.
Vardy also won the FA Cup with Leicester this past season.
The striker made 31 starts and three substitute appearances in the league for Brendan Rodgers’s side in 2020-21, scoring 15 goals and providing nine assists in the process.
Vardy, who has two more years left on his current contract at Leicester, became the co-owner of American club Rochester Rhinos earlier this week.
However, the striker has made it clear that his new venture does not mean that he is planning to retire from playing.
Vardy told Sky Sports: “I’ve not got any plan at all of retiring, I want to play for this club (Leicester) for as long as possible and try to be as successful as possible with them.
“So, from that side of things there’s no change, it (the Rhinos deal) is not going to impact anything I do on the football front - my full focus is still with Leicester.”