Vardy's penalty means he has now scored six goals in seven Premier League games against the Gunners, who have lost seven consecutive top-flight away matches for the first time since 1966.
Kelechi Iheanacho punished some poor defending by Arsenal to put Leicester ahead before Pierre-Emerick Aubameyang found the equaliser early in the second half.
While Fabregas has personal reasons for being thankful to Wenger, with Arsenal luring him away from Barcelona to become a star in Premier League, the World Cup victor feels that English football as a whole owes a debt of gratitude to "Le Professeur".
"I feel that if you look at our season, at home we have had championship-winning form", he said. We had the confidence and the momentum and we finished well. "I'm convinced that Arsenal will be one of the top contenders next year".
Now down to 10 men, Arsenal were trying to hit Leicester City on the counter and they nearly succeeded in the 34th minute as Iwobi found Henrikh Mkhitaryan with a fine pass but the effort of the Armenian was saved by the Leicester City goalkeeper.
Asked whether it has sunk in that he will be leaving this summer, Wenger replied: "Yes, slowly, the last three or four weeks have been step-by-step so you have time to adjust". We watched it again, it's a nice dive but it's not a penalty.
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A much-changed Real Madrid side suffered a 3-2 defeat against Sevilla on Wednesday, on a night to forget for their captain. He was not ideal with the [missed] penalty, but that can happen.
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The centre-back was sent off 15 minutes into the game and the outgoing manager admits that he should never have picked the 20-year-old Greek.
"The advice I would give to him is to give his best and respect the values of the club", he added. While it was a foul for sure, but sending off the Arsenal youngster was maybe just a bit too harsh, considering it was just his first bad moment in the game. "I would like to congratulate him on everything he has achieved as a Leicester City player." .
"When you see a team like this, and you touched on how there is no backbone there, well where are you going to get that backbone from?"
Wenger rested striker Alexandre Lacazette completely while Jack Wilshere missed the game to attend the birth of his child. "Mkhitaryan plays the ball", Wenger was quoted as saying by the Guardian.