Arsenal manager Arsene Wenger was keen on bringing Leicester City striker Jamie Vardy to the Emirates in the summer transfer window.
The 29-year-old was the key figure in the Foxes' title winning campaign in the 2015/16 season and his form saw him make it to England squad for the ongoing European championship in France.
He had a £20m release clause inserted in his contract and it was triggered by the north London club even before he left with Roy Hodgson's side to France. Leicester countered it with a new offer and the Premier League champions confirmed it on 23 June, Thursday that their striker has committed his future to the club by agreeining for a new four-year deal.
England have progressed to the Round of 16 of the Euro 2016 and Leicester confirmed there will be no further clarification from either the club or the player until the end of the tournament.
"Leicester City have today (Thursday) agreed with the representatives of Jamie Vardy to extend the England international's contract with the Premier League champions for a further four years," a statement read on Leicester's official website.
"Both parties hope that this announcement will end recent speculation regarding Jamie's future and confirm his long term commitment to Leicester City Football Club.
"Jamie will continue to focus all of his efforts on trying to achieve success with the England team at the European Championships in France.
"There will be no further comment from either the Club or the player on this matter until the conclusion of the tournament."