Arsene Wenger looked to sign the England international ahead of the European champions after Arsenal activated the centre-forward’s reported £20m contract release clause.
However, Vardy opted to reject the chance to move to the Premier League runners-up after the 29-year-old scored 24 times in Leicester’s incredible title-winning season.
The striker, though, scored just three times in 12 games for club and country ahead of the international break after a mixed start to the defence of Leicester’s crown.
Former Liverpool and Nottingham Forest striker Collymore suggested that Vardy might be reflecting ruefully on his decision to stay at the King Power Stadium.
“Rather than think Wenger has got away with one, I’d look at it the other way and say I’ll bet Vardy has wondered, if only once or twice, about what might have been had he taken the plunge with the Gunners,” Collymore wrote in his Daily Mirror column.
“What if he had ‘risked’ moving to Arsenal, one of England’s biggest clubs, on a seriously fat salary and out of what is a relative comfort zone in the East Midlands?”
Wenger signed Deportivo La Coruna striker Lucas Perez in a £17m deal in August as the Arsenal manager bolstered his attacking options.
The Foxes have won their opening two Champions League games thanks to victories over Club Brugge and FC Porto.
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