The Gunners looked on course for a fourth straight Premier League win after Pierre-Emerick Aubameyang opened the scoring and the home side then created a string of chances to kill off the game.
Instead they had to settle for a 1-1 draw as Vardy scored with six minutes remaining, soon after Arsenal had been reduced to 10 men following the dismissal of Nketiah.
Leicester boss Brendan Rodgers would not be drawn on Arteta’s assessment and praised referee Kavanagh for consulting his pitchside monitor before dismissing Nketiah.
“To be honest I can’t even remember that one,” he said of Vardy’s coming together with Mustafi.
“I haven’t seen it to be honest, I didn’t even think about looking at it afterwards.
“Obviously, Mikel will have his feelings of it but like I said with Eddie, it wasn’t intentional but dangerous to go in on the stretch with his studs up.
“I think when you see it like he (Kavanagh) has, it was a clear red. The kid is just stretching but it ended up being an horrific challenge so was absolutely deserving for a red card.”