And Ranieri insists it is in Mahrez's best interests to stay at the King Power Stadium.
"I think Mahrez for us is very important as our light. If he goes in another big team, there are so many lights, so many stars, why?," Ranieri told ESPNFC.
"Stay with us, it's much better, much better. He's our champion. If he goes in another team, there are so many champions.
"He knows me, I know him very well and I understand when he plays so-so and I can permit to stay on the pitch. When another manager, when he plays so-so, there are so many other stars I put him on the bench.
"It's important you give confidence. But if you put him on the bench he gets down.
"I think, I hope he can stay with us because it's important for us and it's important for him."
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