The 24-year-old has bagged four Premier League goals and two assists this season and has been one of the Foxes' outstanding performers in their rise to second in the table.
Reports have suggested both Arsenal and Barcelona are monitoring the Algeria international's progress but agent Kamel Bengougam has stressed he is happy at Leicester.
"Riyad is very happy at Leicester and he just signed a new contract at the club last month," he told ESPN FC.
"Riyad is not thinking about the rumours and is focused on his season with Leicester and wants to continue his fine form."
Mahrez, who joined from Le Havre in January 2014, has 11 goals and 10 assists in 56 appearances in all competitions for Leicester.
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