The Gunners triggered Vardy’s release clause before Euro 2016 and were confident of signing the Leicester frontman, but the 29-year-old signed a contract extension at the King Power Stadium earlier this month.
Slimani, who Leicester were eyeing as a potential replacement for Vardy, scored 27 league goals for Sporting Lisbon this season.
It is claimed Slimani had a release clause of €30million but that has now expired.
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