"We wanted a left-footed winger to replace Mohamed Salah and put it all on Mahrez, but the only reason he didn't come was because the club wouldn't sell.
"It's not an excuse, they said no to Barcelona too.
"Once Mahrez was off the table, we looked around and decided it was better to go for Patrik Schick, who was not the ideal profile for that role, but would be an investment for the club.”
Monchi | Source
From some of the reporting that was done last year Mahrez made it clear that he wanted to leave the Foxes after the followup season to their title-winning season of 2015-16.
If there was some sort of handshake deal between Leicester and Mahrez, the Foxes let their man down.
Should Mahrez keep up his good form in the Premier League this season, it remains likely that Barcelona and other high profile suitors may come calling at the Foxes’ door once again.