Arsene Wenger is likely to be in need of reinforcements to his squad.
The Gunners boss admitted this week both Alexis Sanchez and Mesut Ozil could be sold in the New Year.
Neither star looks set to reach an agreement over a contract extension.
And rather than seeing them go for free next summer, Arsenal could cash in.
According to the Mirror, Arsenal will pursue Leicester winger Mahrez as a replacement.
The 2016 PFA Player of the Year is keen to leave the Foxes and would apparently be open to a move to London.
However, Arsenal face competition from rivals Tottenham.
As a result, a £30m battle is set to ensue between the north London clubs.
Barcelona and Roma were keen on Mahrez in the summer too, but those moves failed to materialise.
Arsenal and Spurs are now looking to capitalise in January, with Leicester more willing to sell.
Craig Shakespeare needs funds to bolster his own squad after a slow start to the season.
Should Mahrez subsequently move to the Emirates, it would help to appease Arsenal fans.
The Mirror add if offers come in for Sanchez and Ozil, Arsenal could find them hard to resist.
Starsport understands Sanchez is more likely to be sold in January for around £20m with Ozil expected to leave on a free next summer.
Mahrez, though, would certainly add quality in attack to Wenger’s team.
