Mahrez is expected to complete a move away from Leicester in the near future, and according to the Daily Mail, Leicester are in talks with Aston Villa over a potential transfer after Grealish turned in yet another impressive performance in the Championship play-off final against Fulham.
But the report states that should Leicester be turned off by Villa's asking price, which is thought to be far in excess of £25m, they are looking at James Maddison as well as Patrick Roberts of Manchester City as a viable replacement for Mahrez.
Maddison was one of the players of the season in the Championship last term, scoring 14 times from 44 games, a ratio of roughly one goal every three games from midfield.
The 21 year-old has previously been linked with moves to Liverpool and Spurs among other high profile Premier League clubs, with Leicester just the latest name to be linked with a player increasingly thought to be one of England's best talents outside of the Premier League.
Leicester would have to move quickly to complete the signing amid such competition, but would be in a good financial position to do so should Mahrez complete his reported £75m deal to Manchester City as expected.
Maddison would have big shoes to fill in the event of Mahrez's departure, with the Algerian winger having played a starring role in Leicester's 2015 Premier League title win, as well as scoring 12 goals this campaign.