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Leicester City are reportedly set to offer manager Brendan Rodgers a new contract.

Rodgers had guided the Foxes to second place in the Premier League table this season.

Last night, City recorded a club record-equalling seventh successive league win by beating Watford 2-0 at the King Power Stadium.

Rodgers has been linked with the vacant manager's job at Arsenal following the recent sacking of Unai Emery.

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The Leicester boss has publicly stated that he is happy to remain at the King Power, and it is reported that any club looking to lure him away would have to pay £14million compensation.

City will no doubt be keen to hang on to Rodgers, who joined the club from Celtic in February.

And according to Transfer Window podcast host Ian McGarry, a contract extension is in the pipeline, which could see the Northern Irishman increase his earnings by £5m if he signs it.

"Leicester City are planning to offer Brendan Rodgers a new contract, an extended contract on better terms amid interest from Arsenal who have been pursuing the possibility of succeding Unai Emery at the Emirates," said McGarry.

"Our understanding is that Leicester will offer him an extended deal of one or possibly two years.

"His current deal ends in 2022 and with the new deal he will have the possibility of earning £5m more than his current deal in both wages and bonuses.

"This would be something of a coup for Leicester given Rodgers current high value in the managerial merry-go-round market."