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Arsenal unlikely to make Mahrez offer as club work on Mustafi deal

Arsenal have yet to lodge a bid for Riyad Mahrez and are unlikely to formalise their interest in the Leicester winger this summer, Goal understands.

Mahrez has been heavily linked with a move away from the Premier League champions after a stunning season that ended with him winning the PFA Player of the Year honour.

Leicester boss Claudio Ranieri admitted on Wednesday that the Foxes have rejected an offer from Chelsea for the Algeria international, and it appears that Arsenal's interest in the 25-year-old has been diverted elsewhere, with the player's agent telling Goal that "each day there is a different story" in reference to the volume of rumours concerning the star.

"He stays with us," Ranieri told Sky Sports. "We wanted to keep all our players. Of course, [N'Golo] Kante had the release clause and Chelsea paid the clause.

"But Riyad does not have the clause and he will stay with us. Yes, he told me he will stay with us."

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Amid rumours of a £35 million bid from the Gunners, it emerged that Mahrez's agent Kamel Bengougam had a meeting with Leicester's director of football John Rudkin on Wednesday afternoon, in which talks over a contract extension began.

The skilful forward is currently on a considerably lower contract than his Leicester team-mate Jamie Vardy and looks likely to commit in a similar fashion to the England man, who snubbed Arsenal to put pen to paper on a £100,000-a-week, four-year deal.

Arsene Wenger's side are currently in talks with Valencia over the signing of German defender Shkodran Mustafi, a transfer that has to be completed by 12:00 BST on Friday for the 24-year-old to be registered in time for Sunday's Premier League opener against Liverpool.