The Rhinos, who are the only non-MLS club to have won the US Open Cup, haven't had a competitive side in over four years but Vardy is hoping to get them back playing football again by 2022.
Vardy, who retired from international football in 2018, has made it clear he has no plans to hang up his boots for good despite becoming a part-owner of a club.
"I'm really excited to say that I have become a co-owner of the @rochesterrhinos today," the 33-year-old wrote on Twitter. "The club has been through some difficult years recently, so I can't wait to play a part in helping to turn things around. It won't be easy, but I never do anything the easy way!
"I'd like to thank everyone that's helped me get to this point but a special thank you goes to my new co-owners, David & Wendy Dworkin.
"I also can't thank @LCFC enough for allowing me to do this, they know, and I know, that this project will not in any way distract me from my priority, which is helping Leicester to be successful for many more years to come. Lets do this #Rochester."
Rochester are owned by the Dworkin family, who also own NBA side Sacramento Kings.
It is understood they have been in negotiations with Vardy for over two years and were impressed by his founding of the V9 academy, which gave a second chance to players deemed not good enough for professional football.
Rochester are hoping to build on that philosophy and have signed a commercial agreement with highly respected Empire United Soccer Academy, where they will work in tandem Rhinos to provide a pathway to the first team for elite local players.
"This is a huge coup for Rochester and the Rhinos," David Dworkin said.
"Jamie Vardy is known throughout the soccer world because of his success and his inspirational story, and we are delighted that he has chosen to join us as a co-owner.
"Aside from the experience, knowledge, and profile that Jamie will bring to our club, one of the things that has really shone through during our discussions with him is how incredibly passionate he is about this project.
"Jamie absolutely shares our desire to give Rochester a successful soccer team again."