However, club vice-chairman Aiyawatt Srivaddhanaprabha, son of billionaire owner Vichai, said he has already been given reassurances by the Algeria international.
“I want the players to enjoy this moment and not be concerned about their contracts,” Srivaddhanaprabha was quoted as saying by The Telegraph website.
“They are good boys and they understand. Even Mahrez, I talked to him and said, ‘Are you concerned?’ He said ‘No, no, I want to stay’. This is what he wants, he wants to stay.
“It depends on the players and the clubs who want them, but we have no policy to sell the players and we don’t have a problem with money.
“We will try everything that we can to build the team and to secure the same group of players and add some quality.”
Mahrez, 25, has been one of the club's best performers and his 17 league goals and 11 assists earned him the PFA Player of the Year award as they won their first top-flight title.
Leicester host 11th-placed Everton on Saturday, after which they will be presented with the Premier League trophy.
British media reported that the club will discuss new contracts to reward key players like Mahrez, N’Golo Kante, Wes Morgan, Robert Huth and Danny Drinkwater.
"We have to wait until the end of the season and evaluate everyone. I am super fair, and happy to improve if they deserve something. It depends on how Wes lifts the trophy!” Srivaddhanaprabha joked.
(Writing by Ken Ferris; Editing by Toby Davis)
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