The Algerian international has publicly expressed his desire to leave the former Premier League winners. He confirmed his decision to his employers as he seeks a new experience for the upcoming season.
Mahrez is attracting interest from England and abroad as Arsenal and AS Roma are interested in securing his services. According to the Evening Standard, the Gunners' local rivals have joined the race for the 26-year-old. Tottenham want to be kept informed about the player's position at the King Power Stadium.
It was earlier reported that Roma's €23m (£20.6m, $26.7m) was turned down by the Premier League club for Mahrez. The Italian side improved their bid €30m (£26.9m, $34.9m) for Leicester star. However, the English side have slapped a £50m ($64.8m) asking price, which has put off the potential suitors so far.
Mauricio Pochettino's side are unwilling to pay £50m for Mahrez and will only join Arsenal and Roma in the race if the price tag is lowered "substantially."
The Foxes manager Craig Shakespeare earlier confirmed his side have not received any formal bids for Mahrez. He has advised the African star to remain committed to the club, unless and until Leicester receives any formal offer.
"Riyad stated his position very clearly. Mine is really simple: while he is here and while we have had no bids - and we haven't had any bids, it's all been speculation - he has to be committed to the football club" Shakespeare was quoted as saying by Reuters.
"And I have to say, in the two weeks he's been back he's been totally committed and really trained well. Outgoings are inevitable at any football club but until there's a bid for your player there's no decision to be made."
Juan Foyth: PSG ahead of Tottenham for Argentine teenager
Meanwhile, Tottenham have suffered a massive blow in signing Juan Foyth as Paris Saint-Germain have managed to beat the London club for the teenager. The player confirmed negotiations with the White Hart Lane side and the centre-back was edging closer towards completing the deal to become Spurs' first summer signing.
The Evening Standard report claims that PSG have managed to beat Tottenham for Foyth. The player is likely to leave Argentine outfit Estudiantes and make a switch to Parc des Princes for £8m ($10.3m).