PFA Player of the Year in 2016, Mahrez remained at the King Power last season and rode the crest of the Foxes wave as they reached the last eight of the Champions League.
Despite telling the French media he was ready to leave after winning the Premier League, no move happened and the Tunisian remained in the East Midlands.
As expected, the Foxes found the going a lot tougher when it came to defending their title but the fairy tale ended in tears as they fought relegation, eventually finishing in mid-table.
Their poor form cost Claudio Ranieri his job, leaving Craig Shakespeare in charge. He now has the role permanently and is believed to be willing to do business over Mahrez.
With Alexis Sanchez seemingly on the verge of leaving, Mahrez is seen as an ideal replacement on the wing and at £35m, inexpensive in an inflated market.
Barcelona were his preferred option but their priority this summer is Marco Veratti. The PSG midfielder made it clear he wants a new challenge next season but the dethroned French champions want €120m for his services.
The Blaugrana are baulking at that fee but are used to playing the waiting game for targets. That PSG mentioned an amount at which they were willing to do business underlines the feeling in Catalunya that there is a deal to be done.
It means other targets must wait. Or if you are Riyad Mahrez, go elsewhere.