The Leicester City star has been heavily linked with a move to Arsenal.
The winger was in sensational form last season, playing a key role in their title success and winning the PFA Player of the Year in the process.
His form did not go unnoticed by all accounts, with rumours suggesting that several European giants could be looking to make a move for his signature.
Recent weeks have seen him heavily linked with a move to Arsenal, with Le Buteur claiming last week that they had agreed personal terms with the player.
He was in indifferent form as the Premier League champions were beaten by PSG over the weekend and Ranieri has admitted that his star man may be distracted by the rumours.
"Maybe Riyad is distracted a bit by all of these rumours and speculation," he told the London Evening Standard.
"But that is also an experience for my players. It is important that he understands that he should stay with us.”
It remains to be seen if Mahrez does end up staying with Leicester next season.
It would not be surprising to see him make a big money move elsewhere given the performances that he put in last season.
A move to Arsenal would come as something of a shock though, considering he is not the type of player that their side currently needs.