The Algerian news outlet reports that the Gunners are keen to recruit the 26 year old in January, but they will have to fight hard to secure the signing of the midfielder.
Leicester are said to be holding out for €50m (£44m), and they are unwilling to settle for less than their valuation. Serie A club Roma made three bids for Algerian international last summer but they failed to agree a fee with the Foxes. A deal for Mahrez is therefore likelier to happen at the end of the transfer window after lengthy negotiations.
The winger has been in excellent form for Leicester over the past few months. His six goals and six assists in 20 league games have helped the Foxes climb the table, and finish off 2017 in the top half of the Premier League.