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Former Leicester defender Gerry Taggart believes that losing talisman striker Jamie Vardy "could be catastrophic" for the club as other key players might leave as well.
The former Northern Ireland international and Foxes stalwart was responding to stories that Arsenal had triggered a release clause in Vardy's contract and were preparing to offer the England striker £120,000 a week in wages.
"If Jamie goes then one or two others might want to leave as well," Taggart said.
"The whole Leicester ethos over the last couple of seasons has been built around people like Vardy.
"For the good of the whole team and the club it is important Vardy stays."
Vardy, who is currently in France with the England squad for Euro 2016, scored 24 goals last season to help Leicester to the Premier League title.
He signed a new three-year deal worth a reported £60,000-a-week in February, but Arsenal are rumoured to be willing to double that amount.
Arsenal manager Arsene Wenger is reportedly keen to complete a deal ahead of Euro 2016, but the striker departed for France yesterday with no further update on the proposed move.
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 goals in eight games for England.
By: Kieran O'Daly