The former England international, a free agent after coming off contract with the Foxes earlier this summer, is ready to sign with Serie A new-boys Cremonese.
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Negotiations are now being finalised, with Vardy in Italy to undergo a Cremonese medical and sign forms.
Only the final bureaucratic steps remain before the deal can be made official, but Vardy's arrival in the Italian league appears increasingly imminent.
Cremonese opened their season with a shock win at AC Milan last weekend.