The £22m release clause in Vardy's previous deal was triggered by Arsenal but he chose to stay. Ranieri said: "It was huge. It gave a signal to all. He could have gone to Arsenal, earned more money and taken advantage of his last chance to land in a world-class club. He preferred instead to stay at Leicester and it seems to me a choice like Gigi Riva [great Italy centre-forward who turned down offers to move and stayed with Cagliari from 1963-76]. Vardy should be thanked."

Leicester do appear set to lose head of recruitment Steve Walsh, however, despite rejecting an approach from Everton, who wanted him as their new Director of Football.

It is believed Walsh is keen to speak to Everton after being promised a significant say in a new era under owner Farhad Moshiri.