Sorry but as a Norwich fan, it would be utterly ridiculous if Leicester didn't table a contract offer to try and keep him for next season.
Doesn't matter if he plays 50 minutes one week then 20 the next, then 10, then 60, he's a natural goalscorer.
Guarantee the other two promoted teams will be sticking an offer in front of him, and probably Everton as well.
I know he's probably on mega money and you'd want substantial cuts to that, but can halve the basic but then load up with bonus payments for 5 goals, 10 goals, 25 appearances, 30 appearances, a survival bonus, and a giant survival bonus if it is survival + say 8 goals.
He could stay and have an utterly terrible season next year and wouldn't be able to make a scratch on his legacy at either Leicester or in wider football, there isn't really much risk or downside to trying to keep him. He gets to try and show that he can still bag a few goals in the top tier after a disappointing season last year, and you get Jamie ****ing Vardy as one of your striking options.