West Ham United supremo David Sullivan admits he would have loved to have signed Jamie Vardy from Leicester City. However, the Hammers co-chairman says the package Arsenal are willing to give the England international is madness and priced his side out of the race.
The Gunners have triggered Vardy's release clause in his contract at the King Power Stadium, thought to be around £20m, and have offered the 29-year-old a four-year contract.
Arsenal's contract offer would give Vardy a substantial pay rise on the amount he currently earns at Leicester and Sullivan says if West Ham had followed the same route in going for the hitman then their wage structure would have been blown to pieces.
Addressing his side's transfer activity this summer, Sullivan said via his club's site: "It was reported that one of those targets was Jamie Vardy, and while it is true that we would loved to have had him, the numbers being talked about in a potential move to Arsenal show that the market is going potty.
"It is safe to say that signing him would have smashed our current wage structure and we are determined to buy players with good value in this mad market", the Hammers co-chairman added.
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Vardy scored 24 goals in the Premier League for Leicester last season and helped the Foxes to claim the title, leaving rivals trailing in their wake.
The striker earned a spot in the England squad for Euro 2016 on the back of his performances, but while he has headed to France with Roy Hodgson's men, it is not clear where his future will be at club level.
