Report: Vardy to reject Arsenal in favour of Leicester stay

What once looked like a foregone conclusion is slipping away from Arsenal.

The club's pursuit of Leicester City attacker Jamie Vardy looks destined to end in disappointment, as David Ornstein of the BBC reports that the protracted saga will end with the 29-year-old turning down the Gunners in favour of staying with the reigning Premier League champion.

The report comes on the heels of comments from Arsenal manager Arsene Wenger, who relayed his belief that the sinewy striker will indeed remain at the King Power Stadium going into the 2016-17 season.

"No, no. Jamie Vardy is at the moment at Leicester, and on what I know he will stay at Leicester," Wenger said in an interview with Chinese television.

Arsenal reportedly triggered the £22-million release clause in Vardy's contract ahead of Euro 2016, and he was expected to make a final decision before flying to France with the Three Lions.

After he didn't, however, there seemed to be a growing feeling that Vardy, who scored 24 Premier League goals last season, would turn down Arsenal's advances.

Though no official decision has been made - the striker has reiterated throughout Euro 2016 that he is focusing exclusively on his England commitments, and not his club future - Ornstein's report suggests the Gunners will begin exploring other avenues to bolster their attacking ranks, presumably resigned to Leicester's retention of the Englishman.