After struggling under former boss Craig Shakespeare, the Algeria international has rediscovered his form under new manager Claude Puel, who insisted the winger is happy at the King Power Stadium.
When asked if Mahrez will cost £100million, Puel said: "Perhaps; maybe in the summer he will cost even more than £100m."
Mahrez has attracted interest from both Liverpool and Arsenal, but the Foxes boss said it's just speculation: "It's just rumours, noise about him. We can see Riyad smile, enjoying his football, enjoying to play with his team-mates," Puel said. "After the training session he continues to play, I wanted him to stay rested, but it's perfect."