The Algerian was nominated as the PFA Player of the Year amidst the Foxes’ sensational march to a first Premier League title, notching 17 goals and recording a further 11 assists.
Despite the club’s success, the French outlet claim they fully expect the 25-year old to leave the East Midlands and make a stunning move to North London.
He will follow former teammate N’Golo Kante out the door at the King Power Stadium, with the Frenchman having joined Chelsea earlier this month.
The Gunners have so far only added £30m midfielder Granit Xhaka to their ranks, though the former Le Harve man arriving at the Emirates would be quite the statement of intent.
Jamie Vardy, Mahrez’s partner in crime last term, snubbed a move to join Arsene Wenger, though the England international will soon see another of his teammates leave.