Leicester's Riyad Mahrez
SkySports reported that Leicester club's owners and officials were set to discuss the future of key players on Monday evening, including Mahrez.
Riyad Mahrez scores the first goal for Leicester City
Danny Mills believes Mahrez should move, even though teammate Jamie Vardy snubbed a switch to Arsenal.
He told 5 Live's Monday Night Club: "If I was Jamie Vardy I would have walked to the Emirates. Mahrez should do the same."
Mills added that he was concerned as to whether he was really needed by Arsenal.
Arsenal manager Arsene Wenger
He added: "Do Arsenal need him? They can probably do without him.
"Look at what Mourinho's done at Manchester United, four signings - Pogba if they get him - in the centre of the pitch.
"Wenger again is faffing around the edges with wide players?"
Mahrez would to a degree be a luxury player at Arsenal, but at the same time the Algerian superstar would be an excellent addition.
It would not solve their requirements to sign a striker and a centre-back and those issues would still need to be addressed, but Mahrez could help take the pressure off Alexis Sanchez and Mesut Ozil.
Riyad Mahrez celebrates after scoring the first goal for Leicester