The news comes following the Algerian expressing his desire to leave the Foxes this summer.
Mahrez had an excellent campaign during the club's title winning season, but couldn't rediscover the same form in 2016/17. However the likes of Arsenal and Monaco could be potential destinations for the forward.
Mahrez hands in transfer request
In a statement on Tuesday, Mahrez announced that he wished to leave Leicester City after a season in which the team finished twelfth, and reached the quarter-finals in their debut season in the Champions League.
He now hopes to call time on his Leicester career after joining for a mere £400,000 from French side Le Harve in 2014. The fee to acquire his services this time around will be significantly higher though, with Arsenal reportedly willing to pay big money to bring him to the Emirates.
In his statement, Mahrez said he was "fiercely ambitions" as he informed the club he felt as though now was the time for him to move on.
Mahrez's performances throughout the 2015/16 season were absolutely superb, as he scored 17 times and assisted 11 goals in the Premier League. In comparison, this season was vastly different, as he only scored six goals and earned three assists in the league.
His Champions League form showed promise however, with 4 goals in nine games, including a brilliant free-kick against Club Brugge.
Replacement for Alexis Sanchez?
If Arsenal were to sign Mahrez, then he could act as a replacement for Alexis Sanchez, whose future is yet to be decided.
If the Chilean does decide to not renew his contract and leave the Gunners, then Arsene Wenger will likely be in the market for another forward and Mahrez could be the man he brings to North London.
This summer has the potential to be a busy one for Arsenal, who as well as looking to tie down deals for Sanchez and Mesut Ozil will be looking to bring new faces in as well.
The transfer of Bosnian left-back Sead Kolasinac looks set to be confirmed soon, whilst the Gunners have also reportedly had a bid accepted for Belgian First Division top scorer, Henry Onyekuru.