The Gunners have been regularly linked with a move to sign the Algeria international but a transfer has failed to come to fruition.
Mahrez scored 19 goals and made 15 assists in Leicester’s title-winning campaign under Claudio Ranieri in the 2015-16 Premier League campaign.
The 26-year-old has failed to hit those heights in the last 18 months but the attacking midfielder’s talent has been obvious in the Foxes team.
Arsenal could be facing a battle with Liverpool FC to sign Mahrez as the Reds look to sign a replacement for Philippe Coutinho at Anfield.
The Gunners are on the brink of losing their number seven Alexis Sanchez, with Manchester United in pole position to sign the Chile international.
Former Arsenal striker Wright believes Mahrez would be a safe signing if the Gunners want to add more attacking prowess to their struggling team.
“We know Mahrez can play in the Premier League with all due respect to Lacazette,” Wright told BBC Radio 5 Live. “£50m on Mahrez is a transfer fee that you’ll know you’ll get something out of.”
Mahrez has scored seven goals and has made seven assists in 22 appearances in the Premier League in the current campaign.
The Gunners haven’t won the Premier League title since 2003-04, while Arsenal are still waiting to end their long wait to secure the Champions League crown.
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