The 2015/16 PFA Player of the Year, who made good on his commitment to the Foxes by staying another year after their Premier League success, has played down rumours that he is close to finalising a move to the Emirates Stadium.
Speaking to the media after receiving the Algerian Golden Ball award on Saturday, the 26-year old referred to Arsene Wenger's comments that he admired the player, but clarified that no official contact has been made.
“It’s an honour to receive compliments like this from such a big manager in world football," Mahrez said.
“But there’s a big difference between an offer and speculation, so there is nothing on the table at the moment.”
The Algeria international, who may have seen his stock sink somewhat after a comparatively lackluster season at Leicester, gave further insight into the agreement that he had made with the Foxes board ahead of the 2016/17 season.
“The chairman and I agreed that I would stay another year at the club and that he would let me leave at the end of the season," he said.
“I think it would be the right time for me to leave, I have experienced everything at this football club.
“I went from the Championship to the Premier League, I stayed up with the team the next season, we won the Premier League, I won the PFA player of the year award, I played the Champions League, so we did something quite exceptional,” he added.