Brendan Rodgers has signed a new and improved deal with high-flying Leicester.
Former Liverpool boss Rodgers has emerged as a contender to replace Unai Emery at Arsenal.
But he has been rewarded with a new deal at the King Power, keeping him with Leicester until 2025.
Rodgers' previous deal expired in 2022 but it emerged last week that he had a £14m exit clause, putting Arsenal on red alert.
Rodgers has decided to extend his stay at the King Power, with Leicester sitting pretty in second in the Premier League.
"When I made the decision to come to Leicester City, it was because I was excited about the direction the club was taking and how I could apply my experience to the journey," Rodgers said.
"I came here with a purpose to add something to that and to help the Club build for the future.
"I have inherited an outstanding team of staff that are dedicated to progress and improvement and we have a group of players that are a joy to work with every day."
Arsenal remain on the lookout for a new boss with Leicester returning to action against Aston Villa this weekend.
Chairman Aiyawatt Srivaddhanaprabha added: "Brendan’s qualities as a coach are well-known and evident in the way he has sought to unlock the potential in every member of our exciting young squad.
“But just as important to us is the suitability of Brendan’s wider philosophy to the Club’s established culture and values. He and his staff immersed themselves immediately, building an understanding for the Club and the city and an appreciation for what makes them special."
