However, his agent Kamel Bengougam says it is “50/50 at the moment whether he stays or goes”. He added: “We have interest from the UK and overseas.”
But Ranieri said: “It’s 99% he will stay. I am very, very confident. I suggest to all my players, stay one year more. Don’t go. If you go (to) another team, you might not get on the pitch.”
The club’s vice-chairman Aiyawatt Srivaddhanaprabha also dismissed suggestions Mahrez will leave.
“I talked to Mahrez and said, ‘Are you concerned?’ He said, ‘No, no, I want to stay’. This is what he wants. He wants to stay,” said Srivaddhanaprabha.
Everton boss Roberto Martinez, who takes his side to Leicester on Saturday at 17:30 BST, thinks a shock winner of the Premier League is likely to be a one-off.
“What Leicester have achieved is a great inspiration for any team sport and for any group in order to dream high and have huge expectations but I think we need to be realistic that this is not the norm.
“It’s something we haven’t seen in the modern game and I don’t think that’s going to be repeated easily.”
Crystal Palace boss Alan Pardew, whose side face Manchester United in the FA Cup final, said: “Leicester won it after 36 games. Last year for 10 games they were in the best form. For nearly 50 games they’ve been best in the country.
“It’s proof the underdog can do it. And it will give us a boost for the cup final.
“Leicester have shattered the glass ceiling, and I thought it was impossible to break. They’ve gone and done it. Amazing.
“Football isn’t all logic. It’s almost like some stardust has fallen on Leicester – great for them. Let’s hope it falls on us for the final.”
Opera star joins the party
Opera star Andrea Bocelli will perform at King Power Stadium before Saturday’s game.
Ranieri revealed the 57-year-old – who has sold more than 80 million records – called him and offered to perform two months ago.
“He was so happy about what we were doing in Leicester. He said: ‘I would like to come and sing something’. I said: ‘Great, why not?’,” said Ranieri.
“I gave all the information to the club and they made all the arrangements. It is great for all the community.”