The Leicester City legend has agreed personal terms with the Serie A surprise packet.
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Vardy is a free agent after coming off contract at Leicester and is due to sign for Cremonese during the international break.
Cremonese coach Davide Nicola said: "Are the rumours about Jamie Vardy driving everyone in Cremonese crazy? I don't care, I'm thinking about the next match.
"If we were to talk about it after the fact, I might say we're talking about a player who has shown great quality, but I'm interested in Cremonese."