The Algerian star’s rise to prominence during his debut season with Leicester last campaign earned him the PFA Player of the Year award.
After firing the Foxes to the Premier League title, Barcelona expressed interest in the attacker.
But while the likes of N’Golo Kante departed, Mahrez signed a new four-year deal in August.
Riyad Mahrez is under contract with Leicester until 2020
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However, Spanish publication Sport have linked the 26-year-old with a move to the Nou Camp this summer.
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With Leicester only six points above the relegation zone and Premier League safety not yet guaranteed, Mahrez is reportedly ready to leave the King Power and favours a switch to Barcelona.
The report suggests Barcelona could make a move for him but the Catalan giants would need to fork out around £34m.
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Riyad Mahrez is reportedly keen on a move to Barcelona
Mahrez, who has scored nine goals in all competitions for Leicester this season, remains under contract until 2020.
Leicester are unlikely to want to part with him but know they face a tough fight on their hands to keep hold of him when the transfer window reopens.