Jamie Vardy will leave former Premier League champions Leicester at the end of the season, the relegated club announced on Thursday, describing the lightning-quick forward as their "greatest-ever player".

The talismanic striker, a key member of the side that lifted the English league title against seemingly impossible odds in 2016, vowed to continue playing even at the age of 38.

The former England international joined the Foxes in 2012 from non-league side Fleetwood for just £1 million ($1.3 million) and has scored 198 goals in nearly 500 appearances.

The club captain is Leicester's record Premier League goalscorer with 143 goals.

He scored 24 times in the 2015/16 Premier League campaign, helping the Foxes to their first top-flight title in one of the greatest shocks in football history.

Vardy was also part of Leicester's 2021 FA Cup-winning side, who beat Chelsea 1-0 at Wembley.

"We can confirm legendary striker Jamie Vardy will leave Leicester City this summer after 13 seasons that have seen him become our greatest-ever player," the club said in a statement.

"Jamie is unique," said chairman Aiyawatt Srivaddhanaprabha. "He is a special player and an even more special person."

Vardy said he was "devastated" to be leaving the Foxes but the timing was right.

"To the fans of Leicester, I'm gutted that this day is coming, but I knew it was going to come eventually," he said in a video message to fans.

"I've spent 13 unbelievable years at this club, with lots of success, and some downs, but the majority have all been highs."

Vardy, who has scored seven goals in 31 league appearances this season, gave a scathing assessment of Leicester's campaign after relegation was confirmed on Sunday following a 1-0 defeat by Liverpool.

"This season has been nothing but miserable and for me personally, a total embarrassment", he said in a social media post. "It hurts."

Ruud van Nistelrooy's side are 19th in the table, having collected just 18 points from their 33 matches and are heading back to the Championship after just one season back in the top division.

Vardy, the last remaining player from Leicester's 2016 title success still at the King Power Stadium, enjoyed a fairytale rise from the fifth tier of English football to the very top.

He played his part in the club's astonishing escape in the 2014/15 season, when they won seven of their last nine games to escape relegation.

The following season his goals were a major factor in the club's 5,000-1 title charge under Claudio Ranieri -- he scored in a record 11 consecutive Premier League fixtures.

His time at the King Power was also marked by tragedy when five people, including chairman Vichai Srivaddhanaprabha, were killed in a helicopter crash just outside the stadium in October 2018.

"Nine years ago, we did the impossible, we won the Premier League," Vardy said in a video on his social media channels. "We then went on to win the FA Cup -- that was for you, Vichai.

"We reached the Champions League quarter-finals. Before that, we pulled off the great escape."

He added: "My one regret -- and I'm devastated about this -- is that I'm not saying farewell to you on the back of a much better season. This isn't the way I wanted my career here to finish.

"Finally, this isn't retirement. I want to keep playing and doing what I enjoy most, scoring goals.

Leicester, who play Wolves on Saturday, have five games left this season.

Van Nistelrooy said at his pre-match press conference on Thursday that he had had a "special conversation" with Leicester's outgoing star.

"He came to my office and told me what he had decided," said the Dutchman. "After that, we spoke for 45 minutes on many things. It was a great conversation, from person to person, from a former striker to a striker and a manager to player.

"It was impressive like his career. His love for the football club comes through in every word he says."