Between 1996 and 2002, the Sheffield-born attacker was a member of Wednesday’s academy and a lifelong supporter of the club.
Owl leaders have talked about a possible move for Vardy, according to Wednesday reporter Joe Crann.
But Crann believes that if Vardy were to choose to move down to League One, a comeback to Leicester would be more probable.
After 13 years with the team, the former England striker departed the King Power in the summer of last year.
In his 500 games for the Foxes, Vardy netted 200 goals, winning the Premier League, FA Cup, and two Championship titles.
After leaving Leicester, he signed a one-year contract with Serie A newcomers Cremonese.
Vardy has scored seven goals in 28 appearances in the Italian top division, including two in his previous two contests.
Cremonese had previously appeared to be in a hopeless situation, but back-to-back triumphs have brought them within one point of safety before the last day.
