Giroud's compatriot Alexandre Lacazette marked his league debut with a goal in just 94 seconds, only for Shinji Okazaki to level for the Foxes less than three minutes later.
Jamie Vardy then capitalised on very bad defending to twice put the Foxes ahead either side of Danny Welbeck's equaliser before Arsene Wenger sent for the cavalry. Substitutes: Olivier Giroud (for Holding, 67) 7, Aaron Ramsey (for Elneny, 67) 7, Theo Walcott (for Welbeck, 75) 6.
The 30-year-old goal machine spent much of the game in the dug out, but came on for Rob Holding in the 67th minute of the game, where he went on to score in the final moments of the game to secure a 4-3 victory for the Gunners.
"It is fantastic", Wenger replied when asked about Giroud's willingness to fight for his place.
"But I don't want him to go and in the end he made a decision to stay and it was one of the days of recent weeks for me because I know how important he is".
"I don't know whether it was a lack of concentration or just a lack of game management in the last ten minutes, but you then concede again from a set play in terms of being overpowered". He's a fantastic player, but as well he has a big weight in this squad.
Arsene Wenger has given an update on the potential transfer of Riyad Mahrez from Leicester and claimed that the Gunners were never close to signing the Algerian (via The Mirror).
He added: "We started really well and I thought we could stay in control".
"I feel as well that the goals we conceded, we can work together to get rid of that because one was a ball we lost in the build-up and we conceded two goals on corners".
Trump taunts North Korea as China urges calm
And as far as I'm concerned, I'm very thankful that he let go of a large number of people because now we have a smaller payroll. He made comments Saturday while visiting his father's tomb in his ancestral hometown of Nagato in western Japan.