The Algeria international has made no secret of his desire to leave the former Premier League champions for pastures new this summer, but Shakespeare reiterated that the Foxes will only part with their coveted attacker if their asking price is met.
Roma had a €23m (£20.6m, $26.8m) approach for Mahrez knocked back earlier this summer and are believed to be readying an offer closer to Leicester's €40m valuation. Arsenal manager Arsene Wenger admitted that he is interested in bringing the former Le Havre starlet to north London, but the Gunners seem to be prioritising a move for Monaco's Thomas Lemar at present.
To his credit, Mahrez has taken part in the whole of Leicester's pre-season schedule and has been lauded for his performances as the Midlands outfit prepare for the upcoming campaign.
Shakespeare was refreshingly frank when asked about Mahrez's future after Leicester were defeated by Burton Albion on Tuesday (1 August), and is quite happy to see the talismanic attacker remain at the King Power Stadium if a suitable offer doesn't materialise.
"He wants to play for a top six club," Shakespeare was quoted as saying by Football365. "If we don't get an offer from a top six club, he stays. If that offer comes in and it's not enough, he stays. It is quite clear for me at the moment, he has made that statement but he is our player.
"I picked him for 60 minutes, he performed. Is it doing my head in? It's part and parcel of the transfer window. If you let it, it can affect you. But my job is to make sure the players are focused on every training session and every game."
Arsenal may wish to bide their time over Mahrez as they pursue a deal for Lemar, but Leicester are in no mood to wait and let the 26-year-old depart during the dying embers of the transfer window and have informed the Gunners and Roma that they have until 11 August to wrap up a deal.
Arsenal's bitter rivals Tottenham were briefly linked with a move for Mahrez this summer but do not seem to be actively pursuing the forward as it stands, with Mauricio Pochettino's side yet to conduct any transfer business of note this summer.