Arsenal were minutes away from becoming plausible participants in the Champions League conversation but the manner of this draw explained why, for all their evident progress under Mikel Arteta, they are not quite ready for that step. They played some scintillating football on a sodden night and could have been out of reach at half‑time, by which point Pierre‑Emerick Aubameyang had given them the lead. But a moment of rashness let Leicester back in and suggested that, while the youthful core of this side has learned to fight hard, it is yet to master the art of boxing clever. Eddie Nketiah would have been eager to make an impression upon replacing Alexandre Lacazette, who had taken his starting spot and rewarded Arteta’s judgment with a fine all-round display, in the 71st minute. The manager particularly prizes Nketiah’s hounding of opposition defenders but, with his first significant involvement, he went too far. As the ball bounced towards the Leicester defender James Justin near halfway, Nketiah closed in but his effort to win possession manifested itself in a late, knee-high challenge that looked less edifying with every subsequent VAR replay, making it inevitable that Chris Kavanagh would show a red card. Arteta reacted with anguish on the touchline but, while he was correct in saying Nketiah bore no malice, there were no genuine complaints. Perhaps Nketiah had misjudged the ball’s bounce on a wet night; it had certainly reared up at an awkward height. But there had been little need to steam in and, from that moment, Arsenal were on the back foot. Leicester had improved since the break, creating some half-chances and testing the impressive Emiliano Martínez through Kelechi Iheanacho, but Arteta’s side were hardly under siege. That changed after their numbers were reduced and the equaliser, while converted with relative ease by Jamie Vardy at the far post, was a peach. Demarai Gray, showing how constructive a substitute can be, bent an undefendable ball behind Arsenal’s back line from the right and Vardy’s 10th goal in as many starts against this opposition may prove one of his most important. It survived a lengthy VAR check, with eyes at Stockley Park trained on Ayoze Pérez’s attempt to connect before the ball reached Vardy. But Pérez made no contact and did not noticeably disrupt his opponents; the decision was correct and ensured Leicester won a point that reduces the alarm around their late-season slump. For a long time it seemed Arsenal were about to set the sirens blaring louder than at any point so far. They would have moved to within six points of Brendan Rodgers’ side with a win, and the bounce a fourth consecutive win would have engendered is incalculable. After a foggy start in which Leicester, missing James Maddison and Ben Chilwell, zipped the ball around and came close when Martínez saved from Iheanacho for the first time, the home side began to find some cohesion and their goal blew the game wide open. It came on the counter, like much of Arsenal’s better early work, and was beautifully conceived. Dani Ceballos, who has played himself into contention for a longer stay in recent weeks, sent Bukayo Saka away on the right with a perfectly weighted pass that the lunging Caglar Soyuncu could not intercept. Saka would have fancied himself one-on-one with Jonny Evans at the outset but his task was made easier when the centre-back stumbled. It meant half of the penalty area was at his disposal and he made good use of the space, laying on a finish for Aubameyang that Vardy would almost exactly replicate later. For the next 25 minutes Arsenal played with more consistent menace than at any point this season. Saka was everywhere, forcing Kasper Schmeichel to save with his legs and then teeing up Lacazette for a shot on the turn that was again repelled. Schmeichel had barely got up when Héctor Bellerín tested him again with a rising cross-shot, while his simplest stop came when Lacazette planted a free header straight into his hands shortly before the interval. David Luiz would bring another sprawling stop from Schmeichel with a second-half free-kick but, by that point, the pendulum had already begun to swing. Vardy twice failed to make good contact while Justin saw a close-range shot blocked; Martinez’s handling from Iheanacho’s volley later on was impeccable. Arsenal are no strangers to letting a lead slip but, until Nketiah’s aberration, they looked a good bet to transform their prospects for the final four games. Europa League football now looks likely but another year for Nketiah, Saka, Joe Willock to be polished may be no disaster. “Open your eyes my friend,” Granit Xhaka boomed at the fourth official at one point in the second half. In fact this was compelling watching for everyone and, however the season is resolved, more of that awaits in these parts.