London, June 23 (IANS): England striker Jamie Vardy has rejected a lucrative offer from English Premier League (EPL) giants Arsenal and has agreed to a four-year extension of his contract with current club Leicester City.

Vardy was the target of a bid from Arsenal worth 1,20,000 pounds per week last month following his dream run with Leicester City last season which saw them clinch their first ever EPL title.

The 29-year-old had scored 24 goals during that campaign which saw him named as the Football Writers' Footballer of the Year in May.

Leicester City had also offered him a lucrative amount, 100,000 pounds a week for a new contract -- a huge jump from his earlier salary of 60,000 pounds per week. 

Securing Vardy's services for the next season will give Leicester City a huge boost as they prepare to embark on their first-ever Champions League campaign.

"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," the club said in a statement on Thursday.

"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."

Vardy joined Leicester City from Fleetwood Town in 2012 -- who were in the second tier of English football at the time -- for a non-League record transfer fee of one million pounds. He helped the team win the Championship in 2014 which earned them promotion to the EPL for the following season.

Vardy scored in 11 consecutive EPL matches last season, breaking former Manchester United forward Ruud van Nistelrooy's record. His performances earned him a maiden England call-up in June and national team manager Roy Hodgson later included him in the squad for the ongoing European Championships.