The 25-year-old has been in sparkling form throughout the entire 2015-16 campaign so far as the Foxes currently sit top of the Premier League table, five points clear of second-placed Tottenham with only nine games remaining.
Mahrez, who has 22 international caps for Algeria, has scored a remarkable 16 goals and provided 10 assists in 30 appearances in all competitions for Claudio Ranieri’s men so far this season.
The report suggests that La Liga leaders Barcelona have been mightily impressed by the Algerian winger’s dazzling displays in the English top-flight this term and want to recruit the former Le Havre player this summer.
Valued between £20m-£25m, it is believed that Barca boss Luis Enrique is keen on bringing Mahrez to the Nou Camp to link up with global superstars Lionel Messi, Luis Suarez and Neymar next season.
Fellow Premier League rivals Arsenal and Manchester United are also potential suitors of Mahrez’s services this summer.