According to a UK Daily Mail report, Manchester City have failed in two previous attempt to land the Algeria global, it now seems the former Premier League victor will be leaving the King Power Stadium for the Etihad this summer.
According to Sky Sports News, Leicester will receive around £60m for Mahrez, some way short of the East Midlanders' £80m asking price at the start of the year.
But the Premier League champions remained keen on Mahrez, who scored 13 goals in 41 appearances for Leicester last season.
The Algeria worldwide has signed a five-year contract with the Manchester outfit and will wear the number 26 jersey.
Leicester rejected City's offer of £50m plus winger Patrick Roberts - valued at £15m - in January, and Mahrez missed two games during the saga.
Leicester have granted Mahrez extra time off this summer, meaning that he has not returned to pre-season training at the club's Belvoir Drive training ground with the rest of his Foxes teammates.
The Algerian winger is understood to have signed a £200,000-a-week, five-year deal at the Etihad with an option to extend.
"He beats defenders and creates space", City director of football Txiki Begiristain said.
"Riyad is a hugely talented player".
"Watching them from afar has been a pleasure".
Mahrez joined Leicester from Le Havre for £400,000 in 2014, and was named the PFA Players' Player of the Year during their surprise Premier League triumph in 2015-16.
"I think we can be successful over the coming years and I believe my own game can develop under Pep's management". "He will be welcomed back to King Power Stadium as both an opposition player and a friend of the club".
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