Recent rumors have emerged that Liverpool is set to rival Arsenal's bid for the signature of Leicester City's Jamie Vardy this summer even while the striker is still competing with England in the upcoming Euro 2016.

According to the Daily Star, the Gunners are willing to activate Vardy's £20 million release clause once the summer transfer window opens in July as Arsene Wenger is keen on enhancing his team's attacking options for next season.

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However, the report also revealed that the Reds "have been tracking" the 29-year-old Englishman "for two seasons" and are now ready to send his team an offer.

Liverpool already has four strikers in its camp, namely Daniel Sturridge, Divock Origi, Christian Benteke and Danny Ings, but only one or two of them are set to be kept by new manager Jürgen Klopp next season. It is speculated that Klopp will sell one - most likely Benteke - before they submit a bid for the Sheffield, England native.

Arsenal had been adamant on closing the Vardy deal before the Euros begin, but the 5-foot-10 forward insisted to take care of it after the continental competitions.

However, ESPN noted that Vardy is "edging closer to committing his future to Leicester" and rejecting the Gunners' bid as he is keen on defending the Premier League title with his incumbent club and competing with them in the Champions League as well.

The Foxes ended their dream season as the surprise English top flight champions this term, besting perennial powerhouse teams Manchester United, Manchester City, Tottenham Hotspur, including Arsenal and Vardy had been one of the key players of their resurgence.

Vardy is the Premier League's second-best goalscorer, tied with City's Sergio Agüero, in the recent 2015-2016 season as he scored 24 goals in 36 appearances for Claudio Ranieri's side. Harry Kane is the top scorer with 25 goals while Everton's Belgian forward Romelu Lukaku came fourth with 18.

Leicester is reportedly offering Vardy an improved £100,000-per-week deal starting next season in an effort to keep him at the King Power Stadium for the foreseeable future.

TagsFootball News & Rumors, Football News & Rumors 2016, Liverpool FC, Arsenal FC, Leicester City FC, Jamie Vardy