Arsenal Transfer News: Riyad Mahrez Bid Reportedly Rejected, Latest Rumours

Arsenal have reportedly had a £30 million bid for Leicester City's Riyad Mahrez rejected as manager Arsene Wenger looks to bolster his squad ahead of this weekend's start of the new Premier League season. 

L'Equipe's Gilles Favard (h/t Get French Football News) reported the Foxes' response to Arsenal's move, with the Gunners now expected to return with an improved bid:

It was reported on Tuesday that Mahrez—who played a huge role as Leicester won the Premier League title last term—has told "all parties" that he wants to play for Arsenal, but he won't "force a move away," per Ilyes Ramdani of Eurosport.fr (translated by Tom Coast of Sport Witness).

Leicester manager Claudio Ranieri also reiterated at Wednesday's Premier League launch that the winger will stay at the King Power Stadium for the upcoming season after N'Golo Kante was lost to Chelsea, per Sky Sports' Stephen Turner: "Kante had a [release] clause and Chelsea paid it, but Riyad does not have the clause and he will stay with us."

It is unsurprising that the Foxes should want to keep hold of the Algeria international at all costs as, along with Kante and Jamie Vardy, he was one of the club's best players in 2015-16 as they pulled off their remarkable title win, per Bleacher Report's Sam Tighe:

The 25-year-old netted 17 goals and provided 11 assists, a combined return bettered only by Vardy last season, per WhoScored.com:

Such creative and goalscoring proficiency would make him a phenomenal acquisition for Arsenal, who are lacking a truly prolific striker.

With the addition of Mahrez on the right of an attacking three including Mesut Ozil and Alexis Sanchez, the Gunners could score enough goals to make up for striker Olivier Giroud's deficiencies and propel themselves toward the title.

Arsenal came second to Leicester in the league last season but did not sustain any kind of title challenge into the latter stages of the campaign.

They need further added quality if they are to challenge in 2016-17, as the lone major purchase of Granit Xhaka so far in the transfer window is not enough to get them the extra points they need.

A new centre-back is required, while an upgrade on Giroud would be advisable, although Mahrez's addition could be equally valuable in attacking terms to buying a new striker.

Given that there is reluctance from all parties in some aspect of the deal, though, it does not seem likely Arsenal will be able to snap up the Algerian.

Leicester will want big money if they are to be tempted into selling Mahrez, but Arsenal and Wenger have historically been loath to splurging, while the player is seemingly not going to agitate for a move away from the Foxes.

With Everton reportedly set to spend up to £28 million on Crystal Palace winger Yannick Bolasie, per the Guardian's Ed Aarons, Leicester would not be out of line to demand around £50 million for Mahrez.

Thus Arsenal's expected fresh offer will have to be a huge increase on their initial bid and, given the club's history, it does not seem likely they will go high enough.