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Jamie Vardy has agreed a deal to remain at Premier League champions Leicester City.
Arsenal had triggered a release clause in Vardy's contract, believed to be in the region of £20million, and were preparing to offer the England striker £120,000 a week in wages.
The 29-year-old had said that he would not make a decision on his future until after Euro 2016 but he has now agreed a new four-year deal with the Foxes, which will see him earn in the region of £100,000-a-week.
"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 from the club read.
"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."