The 27-year-old was tipped to move to the Etihad during the January transfer window and Mahrez even went on strike in an attempt to force through a move to join Pep Guardiola's side.
But the Algeria international returned soon after and he helped Leicester secure a ninth place finish, by scoring 12 goals and claiming 11 assists in the league, just seven points away from the last Europa League qualification place in the Premier League table - which was occupied by Burnley.
Mahrez is once again being linked with a move to the Etihad this transfer window and a report from Algerian sports outlet Le Buteur have reported that talks between Manchester City and Leicester have reached a 'very advanced' stage.
It is suggested that an agreement in principle has already been struck between the two clubs as Mahrez looks once again to secure a move to Manchester.
However, the report adds that talks might be slowing down as the two sides are still €15m apart in their valuation of the player.
Mahrez has been one of the star players in English football since leaving French minnows AC Le Havre in 2014.
The former African Footballer of the Year secured a move to the King Power Stadium for just £450k, and the winger has gone on to make 179 appearances for the Foxes.
During that time Mahrez has scored 48 goals and claimed 38 assists in Leicester City colours. He was also one of the club's four star players as they went on to lift the Premier League title in 2016, along with Jamie Vardy, Danny Drinkwater and N'Golo Kanté.