The Algeria international has been a long-term target for the Gunners since Mahrez helped Leicester City to win the Premier League title in 2014-15.
Mahrez scored 19 goals and made 16 assists to help Leicester to beat Arsenal and Tottenham Hotspur to the Premier League title.
The 26-year-old attacker has stuck it out at Leicester despite being linked with a potential move to Arsenal and Barcelona following the Foxes’ title success.
The African playmaker has emerged as a potential target to Liverpool FC over the past week following Philippe Coutinho’s big-money move to La Liga giants Barcelona.
In light of Liverpool FC’s interest, there has been a fresh wave of reports linking Mahrez with a potential move to the north London side.
However, former Chelsea midfielder Wise doesn’t believe Mahrez would consider a move to Arsenal given the Gunners’ struggles in the Premier League.
“I don’t think Mahrez would want to go there,” Wise told The Debate on Sky Sports on Wednesday night.
“I think he would see other clubs he’d like to go to that are in a better position than Arsenal. If Arsenal are the only team above the top six, of course he’d go to Arsenal.
“If there are teams above, you’d wait and consider the teams in the top five at the moment.”
Arsenal are in sixth spot in the Premier League table and five points adrift of Liverpool FC, who occupy the final Champions League qualifying spot.
The Gunners haven’t won the Premier League title since 2003-04.
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