By Harvey Byrne

Arsenal have been installed odds-on favourites to sign Leicester winger Riyad Mahrez.

The Algeria international had his odds slashed from 9/4 to 8/11 by betting company Sky Bet on Wednesday night to make a sensational move to Emirates Stadium.

Mahrez is rated more likely to join Arsenal than stay at the Premier League champions, who are evens to keep hold of the reigning PFA Player of the Year.

This development comes come after Arsene Wenger admitted that he is keeping a close eye on Leicester winger Riyad Mahrez.

The Gunners boss was in attendance as Leicester lost 4-0 to French champions Paris Saint-Germain in the International Champions Cup on Sunday and, intriguingly, left as soon as Mahrez was substituted in the second half.

The Algeria international was the standout performer for the Premier League champions in their title triumph last season with 17 league goals and 10 assists, while forming a highly productive partnership with Jamie Vardy.

He joined from Le Havre, who play in the French Ligue 2, midway through the 2013-14 season and helped Leicester earn a return to the Premier League.

Mahrez has been training with Leicester during this pre-season and grabbed himself a goal in the International Champions Cup against Celtic, after he completed a trademark run past the defenders and curled the ball inside the far post with his left foot.

Wenger has already managed to strengthen his squad this summer bringing in youngsters Rob Holding and Takuma Asano, as well as Switzerland midfielder Granit Xhaka.

In other Arsenal transfer news, Manchester City have had a £37.7million bid rejected by Roma for Gunners target Kostas Manolas.