Wednesday 22 June 2016 01:21, UK
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.
With Champions League football on its way to the King Power Stadium, Vardy has never had it so good. A move to Arsenal would be financially rewarding, but could he recreate his 24-goal season at the Emirates Stadium?
Arsenal's possession-based set-up does not immediately lend itself to Vardy's counter-attacking strengths, and it is also just a few weeks since he talked up the incredible team spirit at his current club.
"We are all like brothers," he said after clinching the title in May. "We're constantly talking with each other, going out for meals. We are hoping that spirit will keep us together.
"There will be names thrown into the hat all summer but the group of lads we have, winning the league, and having Champions League football next season, you hope it keeps everyone together. We've just won the league and will be playing in the Champions League, so I am happy here."
Those comments suggest Vardy believes Leicester can maintain their new position among the elite. Their improved contract offer reportedly falls short of Arsenal's, but the extra revenue generated by Champions League qualification will help Ranieri strengthen his squad, and Vardy will also be aware that showing his loyalty to Leicester might encourage Riyad Mahrez and N'Golo Kante to do the same.
What happens next will be significant for the Premier League as a whole.
Leicester have upset the old order after decades of dominance from the Premier League elite. Television revenues are helping mid-ranking sides grow stronger, and Vardy staying at the King Power Stadium would provide further evidence that the division is becoming more competitive than ever.
Manchester City and Manchester United are likely to be stronger under Pep Guardiola and Jose Mourinho while Chelsea are also fancied to recover under Antonio Conte, but Vardy's loyalty to Leicester would offer inspiration to the sides seeking to emulate their achievement.
The competition is open, and success needn't mean losing your most valuable assets.
Speculation over Vardy's future will continue until he confirms the decision himself, but the signs are encouraging for Leicester.
Holding onto their talisman would be the perfect way for the Premier League champions to set up the new season.
