Arsenal Transfer News: Riyad Mahrez Talks Held Amid Latest Jamie Vardy Rumours

Arsenal will reportedly look to complete a "double raid" on Leicester City after it emerged manager Arsene Wenger is in talks to acquire Riyad Mahrez after already triggering Jamie Vardy's £20 million release clause.

According to the Sun's Daniel Cutts, Vardy had his Arsenal medical on Sunday, but Mahrez could join his talismanic team-mate at the Emirates Stadium after the Gunners moved ahead in their interest this weekend.

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Leicester paid Le Havre just £400,000 for Mahrez in 2014, meaning they stand to make a significant profit on his sale should they part ways, but manager Claudio Ranieri will want to keep his star man.

John Cross of the Daily Mirror added on Sunday that the Foxes have pleaded with Vardy to "wait 24 hours" before making his decision on his future as they prepare to counter Arsenal's reported £120,000-a-week contract.

The 2015-16 Premier League champions are already in an anticipated battle to preserve the squad that guided them to last season's title, but few may have expected Arsenal would be the ones taking the initiative.

That said, Mahrez is a clear opportunity for bargain business after storming his way to the Professional Footballers' Association (PFA) Premier League Player of the Year title. Squawka provided some context on just how he toppled the odds to claim that accolade:

The Algeria international scored 17 goals and recorded 11 assists in 37 league appearances, while Vardy netted 24 goals and recorded six assists in just one fewer match. Between them, the pair scored 41 of Leicester's 68 total goals en route to the league crown—almost two-thirds of the overall count.

Amid the flurry of business that now sees England's powerhouses vying for the two players, Bet365 took note of the man who actually deserves credit for bringing both Mahrez and Vardy to the King Power Stadium:

According to Cutts' report, a Mahrez arrival in north London would mean Theo Walcott's time at the club is "all but over," perhaps aided by the fact Vardy could occupy one spot in filling the homegrown player quota.

West Ham United are reportedly interested in the player and have new ambition following their move to the Olympic Stadium, with Squawka's Greg Johnson recently suggesting Walcott may no longer be of use to Arsenal:

Mahrez would be joining a flourishing core of creative talents at the Emirates, adding yet another bright mind to a squad that already includes the likes of Mesut Ozil, Alexis Sanchez and up-and-comer Alex Iwobi.

Many Gunners fans will be overjoyed to hear they could be on the verge of snatching not one, but two Premier League champions from the King Power Stadium this summer—and all for a bargain cost, it would appear.