The England international was one of the driving forces behind Leicester’s incredible Premier League title triumph last season as the Foxes finished 10 points ahead of runners-up Arsenal.
Vardy scored 24 times in 36 Premier League games as the 29-year-old finished as the joint second-highest goal-scorer in the 2015-16 campaign in the English top flight.
Arsenal manager Wenger looked to add Vardy to his squad in the summer transfer window after the north London club activated the centre-forward’s reported £20m contract release clause.
However, the England star spurned the chance to move to the Emirates Stadium in favour of remaining at the King Power Stadium.
Former Liverpool forward Collymore felt that Vardy could have transformed Arsenal into a more direct team if the striker had completed a summer move.
“There are times when Arsenal can look a little one-dimensional,” Collymore wrote in his Daily Mirror column.
“Vardy’s directness would have given them a way to change things up against teams who are not used to that style of play.
“Arsenal have also lacked leadership and while some fans will tell you Sanchez is the epitome of that, I know I’ve seen him go missing in games.
“Players like Vardy roll their sleeves up and grind out games for you, pestering central defenders and not giving them a minute’s rest.
“And Giroud, Sanchez and Mesut Ozil would probably have thanked Wenger for bringing in a player who would have given them more time and space to do their thing.”
Arsenal signed uncapped Spanish forward Lucas Perez in a £17m deal from La Liga side Deportivo La Coruna in the summer transfer window.
MORE: Man United latest news
MORE: Arsenal latest news
MORE: Chelsea latest news
MORE: Liverpool latest news