Aaron Ramsey and Olivier Giroud replaced Mohammed Elneny and Rob Holding after 67 minutes and within 20 minutes the Gunners were ahead. Arsene Wenger made a decision to go for it and introduced Aaron Ramsey and Olivier Giroud after 67 minutes and the pair both scored in the final seven minutes, keeping the points in north London after a dramatic first game of the season.
Wenger said he had given the former Montpellier man the chance to leave but is delighted he opted to stay put.
When Alexandre Lacazette, Arsenal's new forward, netted the season's very first goal in the second minute of the game, the tone of the game looked set.
Asked if Giroud could still leave before the transfer window closes on August 31 until January, Wenger replied: "No". They had broken the club transfer record for Olympique Lyon striker Alexandre Lacazette.
The impressive Vardy scored his second in the 53rd minute to put Leicester in front once more, curling Riyad Mahrez's corner into the bottom far corner amid poor Arsenal marking. He doesn't want to leave, but at some stage I opened the door for him because I had many strikers.
But Leicester, which so astonishingly won the league in 2016, couldn't hold on for its first win at Arsenal since 1973.
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Ramsey erased the one-goal deficit for the Gunners with a strike in the 82nd minute.
"I know that it's important for him to play". Giroud is in his prime, at the top of his game.
Alexandre Lacazette's arrival has bumped Giroud even further down the Arsenal pecking order, but having given the 30-year-old the chance to leave, Wenger was thrilled he made a decision to stay.
His breathtaking 2015/16 campaign, which saw him register 17 goals and 10 assists as the Foxes claimed an historic first championship, saw him being named the PFA Players' Player of the Year.
Instead, they chose to make it hard for themselves again, like they so often do, and as a result, we got one of the games of the season in the first match of the new campaign.
"We had one of the oldest teams in the Premier League so we chose to put energy in the team for the next five, six years", Guardiola said during his pre-match conference on Friday.