Leicester City are expected to make a counter contract offer to Jamie Vardy in the next 24 hours but Arsenal remain hopeful of completing a £20 million deal before England begin their Euro 2016 campaign against Russia on Saturday.

The release clause in Vardy’s contract has been formally triggered by Arsenal and personal terms on a potential four-year deal worth in excess of £100,000-a-week are understood to have been provisionally agreed, leaving the decision now simply with the 29-year-old. Having only broken into the professional ranks in 2012 after nine years in the non-League game, the clear expectation is that Vardy will decide to take what could realistically be his last chance of a move to one of the established Champions League elite of Europe.

Leicester, though, appear likely to make one last offer of an enhanced contract after rewarding him in February with a new deal until 2019 that is worth just over £60,000-a-week.