Mahrez's form, along with the rest of his Leicester teammates, dipped last season.
The Gunners are set to make another splash in the transfer window, after spending almost £50m for Alexandre Lacazette.
Mahrez is a good player, and him joining Arsenal will enhance the North London club's chances of winning the Premier League title next season.
Arsenal are reported to have entered into negotiations with Leicester but are unwilling to pay more than £35m for the 26-year-old, who they view as a back-up option to Monaco's Thomas Lemar.
Mahrez recently submitted a transfer request and it is suggested that he has an understanding with Leicester that he will be allowed to leave after he showed loyalty to the club last summer - but seemingly only if an acceptable offer is made. On the other hand, Arsenal are only willing to spend £35 million on the player, meaning there are still a few details that need to be agreed on before the move sees the light of the day. Past year they made a move too.
Thus, Mahrez is set to begin pre-season training with Leicester with a switch to the Emirates still some way off.