The 23-year-old striker, who has signed a two-year contract at Fir Park, was unable to match his fellow Englishman's impact with the Foxes.
"I signed the same week he did and I was quite close to him," said Blyth.
"He's pulled me to one side and told me a few things here and there that have been brilliant for my game."
Blyth played for Nuneaton Griff, Bedworth United and Leamington before joining Leicester in 2012.
"We come from the same background of non-league football," he said of Vardy, who started his career with Stocksbridge Park Steels but is presently with the England squad playing at the Euro 2016 finals and has just signed a new contract with Leicester.
"He's done brilliantly well."
Unlike Vardy, Blyth never played for the Foxes first team and has spent most the last four years on loan with Burton Albion, Notts County, Northampton Town, Cambridge United and, most recently, Blackpool.
Having ended the season in England's League One and being released by Leicester, he moves to the Scottish Premiership and views it as an ideal challenge.
"It's my first time in Scotland and I'm at that age where I need to be playing football week-in, week-out and I see this as an opportunity to do that," said Blyth.
"People like to label me as an old-fashioned centre-forward, a target man.
"I like to hold the ball up and bring other players into play. I also like to run in behind and I've got an eye for goal as well."
Blyth is one of three arrivals from English football, with Motherwell also signing two defenders who were playing in the National League last season - Ben Heneghan from Chester and Richard Tait from Grimsby Town.
The English striker revealed an old friend from his time at the newly crowned English champions, Motherwell defender Kieran Kennedy, helped him decide on a move to Fir Park.
"I was at Leicester with Kieran and, as soon as interest came from Motherwell, I gave him a quick phone call," he said.
"He filled me in and sold the club really well to me, telling me how good it is.
"He put the club in a really good light and played quite a big part in me coming here."
Jacob Blyth hopes that advice from former Leicester City team-mate Jamie Vardy will help him become a success with new club Motherwell.