Mahrez was one of the key players in the Foxes' surprise Premier League winning season last term, scoring 17 goals and providing 11 assists in 37 League appearances.
His performances have caught the eye of several big clubs, such as Arsenal, who are also believed to be interested in the Algerian's Leicester teammate, Jamie Vardy.
The 25-year-old has repeatedly stated his desire to one day play for Real Madrid, but it is uncertain whether he would consider quitting the Foxes for Arsenal, and the player himself was reluctant to shed any light on the topic.
"It is flattering to hear, as I said nothing is agreed, nothing is done," he told Get French Football. "We will see. For the moment I have not made a decision. We will see. It is possible that I stay, it is possible that I leave. We will see."
Mahrez did admit that he was happy at Leicester and was proud of the season the club had, perhaps giving Foxes fans a glimmer of hope he may stick around for a while.
"The season went very well. As you know, we have won the league which was very important. It is incredible," he added.
"It was by far my best season in my career. I am not putting pressure on myself. It will be a season about confirming.
"Without pressure, I will have to work hard. Leicester is a family club. I would like to stay. I am very happy."