Mahrez has expressed his desire to leave the club this summer, and wants to test himself at a bigger club.
Leicester have slapped a £50 million price tag on Mahrez, who played a key role for the Foxes in their 2015-16 Premier League title winning season.
Serie A giants, AS Roma, have had two bids rejected for the 26-year-old, with their latest offer being way below Leicester’s valuation.
With Roma seemingly out of the race, it has left the door ajar for the likes of Spurs and Arsenal to make a move for the Leicester talisman.
The report claims that Spurs, who remain the only Premier League club not to make a signing during the transfer window, have made an enquiry for the playmaker.
However, as expected, the north London club are not willing to meet Leicester’s asking price.
Spurs could tempt Mahrez with Champions League football, but unless Leicester lower their asking price, a move for the Algerian looks difficult.