The Daily Express is reporting that the Algeria international has emerged as a target for the Merseyside outfit after Coutinho completed his big-money transfer to Barcelona on Monday.
The report claims that insiders in Mahrez’s camp have informed them that the terms of a potential transfer to Anfield has been discussed with Liverpool FC chiefs.
The 26-year-old is said to be on Liverpool FC’s shortlist of potential replacements for Coutinho after his switch to the Spanish club was confirmed this week.
However, despite the clear link to Liverpool FC, the same story says that Mahrez would prefer a move to Arsenal.
The Algeria international is said to have recently bought a property in the English capital, despite no talks having been held with the Gunners.
Mahrez has been in top form for Leicester City so far this season and has scored seven goals and made seven assists in 22 Premier League games this term.
Liverpool FC are currently preparing for their crunch showdown with Manchester City at Anfield on Sunday, while Arsenal travel to Bournemouth in the top flight.
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