A source close to Mahrez, who has two years left on his current deal, added: “It is natural for there to be rumours.
“He was voted the English league’s best player last season. But nothing has been done yet.
“It is not so straightforward to see him leaving Leicester, especially with Champions League fixtures in prospect.
“Other big English clubs are on his trail. Discussions are in progress with them, but there is no agreement. In any case, there is no hurry.”
Ranieri, whose side face Paris St Germain in Los Angeles today, has been boosted by Vardy’s return from wrist surgery.
Vardy joined up with the Leicester squad on Thursday but will not play in today’s game and might also miss Wednesday’s International Champions Cup clash with Barcelona in Stockholm.
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