The 25-year-old winger had been linked with a move away from the King Power Stadium for a lot of the summer, with Arsenal reportedly keen on signing him.
But the Algerian star - who won last season's PFA Player of the Year award - will have upset Arsenal supporters last night by commiting his future to Leicester.
And Gary Lineker was delighted with the news.
Mahrez is the second Leicester player who Arsenal have missed out on this summer after Jamie Vardy seemingly snubbed a move to North London in favour of staying with the Premier League champions.
Leicester fans will be delighted with this show of commitment and it certainly goes a long way to strengthening City's chances of staying in the top four.
It is already a tall order, considering the landscape of the Premier League is a lot different now compared to last term, but it is a task made far tougher without a player of Mahrez's talent.