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

Leicester striker Vardy, 29, is deciding over a reported £120,000-a-week offer from Arsenal.

Vardy, who is part of England's Euro 2016 squad in France, only signed a new three-year deal worth a reported £60,000-a-week in February.

The Gunners triggered Vardy's release clause with a £20m bid on Friday.

Leicester are reported to have made an improved counter-offer in a bid to keep Vardy, who scored 24 goals to help Claudio Ranieri's side claim an historic first top-flight title.

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

"If Jamie goes then one or two others might want to leave as well," ex-Northern Ireland international Taggart told BSports Radio 5 live. "The whole Leicester ethos over the last couple of seasons has been built around people like Vardy.

"I know the backroom staff at Leicester very well and if it does happen they will try and bring in the best replacement they can for whatever money is available. But for the good of the whole team and the club it is important Vardy stays."

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 since his debut in 2015.