"I am happy with the effort the club is making to take him...I do not think the club has often bid over 30 million euros ($35.22 million)," Monchi has told reporters.
"If my memory does not deceive me, the latest offer would be the club's most expensive purchase in our history. We are, therefore, engaged and expect an answer. But it is true that we are working on other solutions.
"The player has expressed his will publicly, but he is right to respect his club. In the end all will be resolved according to Leicester's will to accept it or not."
Mahrez, who was instrumental in the club's remarkable Premier League title triumph in 2016, struggled for form for the majority of last campaign.
The 26-year-old has scored 35 goals in over 100 appearances for the Foxes since his arrival from French side Le Havre in 2014.
(Reporting by Hardik Vyas in Bengaluru; editing by Amlan Chakraborty)
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