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According to resident Arsenal oracle and BBC reporter David Ornstein, striker Jamie Vardy will decide Monday morning whether or not to join Arsenal, before leaving the country to join the England team for Euros 2016. A contract offer is on the table, and a deal with Leicester City is finalized – all that's left is the player's approval.
Leicester City is believed to be trying to keep Vardy by offering a new and improved contract to replace the less-new one he signed this winter for the same reason. Vardy may want the move, but one would have to sympathize if he's having issues taking the leap.
One way or the other, we should know for sure what the endgame here is very soon. We may not know as soon as the decision is made – like, I would not expect an official announcement from the club tomorrow, or anything like that – but in the next couple of days, I wouldn't be surprised to have something. Who knows what that "something" will be, though.
UPDATE: Here's a full story from Ornstein, there's not really anything new in there but here it is anyway.