Grayson extended his contract at Blackpool last December (Getty)

Blackpool chairman Karl Oyston has revealed he will not stop manager Simon Grayson leaving Bloomfield Road to join another club.

Grayson has been linked with the vacant managerial role with his former club Leicester City following the recent dismissal of Ian Holloway.

"If Arsenal ring up and say 'we want Simon' I'll get him in the car and take him," Oyston told BBC Radio Lancashire.

"That's the world we're in, so there's no point anyone getting hysterical."

He's clearly very talented, committed and has a very good work ethic Blackpool chairman Karl Oyston

The 38-year-old became caretaker manager in November 2005 following Colin Hendry's departure.

He took over the role permanently before the start of the 2006-07 season and signed a new two-and-a-half year deal with the club last December.

After guiding Blackpool to 19th in the Championship last season - their first in the second tier of English football for 29 years - a number of clubs quickly realised Grayson's potential.

"If, and when, he feels he can further his career and it's a good opportunity then he'll be off," said Oyston. "But we want to try and give Simon the best chance to flourish."

"Every one of the three seasons he's had he's made some massive achievements.

"The first year he kept us up when we looked absolutely dead and buried. I still rate that as his biggest achievement because it's very difficult as a manager to bring in players to a club that's floundering," added the chairman.

"To retain Championship status this season has been fantastic. He's clearly very talented, committed and has a very good work ethic that he instils into the team."