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Jamie Vardy arrives in France for Euro 2016 with England as his club future remains undecided

Losing Jamie Vardy to Arsenal "could be catastrophic" for Premier League champions Leicester City, says former Foxes defender Gerry Taggart.

England striker Vardy, 29, is deciding whether to accept a reported £120,000-a-week external-link offer from the Gunners.

"If Jamie goes then one or two others might want to leave as well," Taggart told BBC Radio 5 live.

"The whole Leicester ethos over the last couple of seasons has been built around people like Vardy."

The former Northern Ireland international added: "For the good of the whole team and the club it is important Vardy stays."

Vardy, in France for Euro 2016, only signed a new three-year deal, worth a reported £60,000-a-week, in February.

But the Gunners, who eventually finished second in the Premier League to the Foxes, triggered a release clause with a £20m bid on Friday.

Leicester are reported to have made an improved counter-offer in a bid to keep Vardy, whose 24 goals helped Claudio Ranieri's side become English champions.

Vardy was expected to make a decision on Monday before flying to France, but he arrived at England's base in Chantilly with no update on his future.

Arsenal hope a decision will come before the tournament starts on 10 June.

Vardy joined Leicester from Fleetwood for £1m in 2012.

He was named the Football Writers' Association Footballer of the Year for 2015-16 and has scored three times in eight games for England.