Mahrez, who was the Player of the Year in the English Premier League last season and helped Leicester script history by lifting the coveted trophy, has been linked with several big clubs this summmer.
League giants Arsenal are keen on roping in the Algerian international to strengthen their sqaud. Mahrez, who is more comfortable operating from the flanks will be a brilliant addition to Wenger's squad.
But the star player's departure would definitely hurt the reigning champions as they have already lost one of their midfield marshals from last season, N'Golo Kante to Chelsea.
Speaking about Mahrez's status, Italian manager Ranieri said: "Everybody here is happy and, yes, he [Mahrez] wants to stay. No other players will go away - we will stay together. Riyad will stay with us for all of the years."
Leicester have already denied Arsenal from buying their star striker Jamie Vardy earlier this summer. Arsenal were desperate to get hold of the English striker but the Foxes somehow managed to convince their star.
Ranieri's Leicester City play 3 friendly games before the star their new season. Their first friendly game is against former Liverpool manager Brendan Rodgers' Celtic, followed by Paris Saint-Germain and FC barcelona.
They play Manchester United on 7th August in the Community Shield clash and finally they begin their title defending campaign against Hull City on 13th August.