The SkySports Spanish football expert claims to be certain that the Algerian international will not be moving to the Nou Camp.
"Definitely not, he is not a target for Barcelona."
Mahrez has been one of the stars of the season for surprise Premier League leaders Leicester City, and this has led to predictable speculation over his future, even though there is a strong chance he could play Champions League football with the Foxes next season.
The Mirror claimed last week the Leicester star has his heart set on a move to Barcelona, reporting there was interest from the reigning La Liga champions.
If Barcelona really do hold no interest in making a big money bid to sign Mahrez, then Balague's comments will come as good news for Leicester supporters who hope to see their successful side stay together.