The Leicester striker, 34, who played for Stocksbridge Park Steels after being released by Sheffield Wednesday as a teenager, has bought “a minority stake” in the New York state-based club, which has not played a competitive game for four years.
“The Leicester City striker has bought a minority stake and is excited by the prospect of being part of a journey that puts the Rhinos and Rochester back on the map after a four-year hiatus.
“This is a huge coup for Rochester and the Rhinos. Jamie is known throughout the soccer world and we are delighted that he has chosen to join us as a co-owner.
“Hopefully this fantastic news will give everyone connected with the club the belief that there are good times ahead.”
Vardy told the Athletic his stake in the club is “meaningful enough share to have a seat at the table” – and revealed the project has been in the pipeline for more than two years.
Rhinos, the only non-Major League Soccer club to have won the US Open Cup, announced in November 2017 they would go on hiatus as they sought extra funding.
The club plans to compete again in USL League One, the third tier of the American football pyramid, in 2022.