The Premier League leaders have reportedly made one last-ditch attempt to sign the Leicester winger.
With two-and-a-half years remaining on his current contract, Leicester have again taken a hard stance and are thought to be keen to keep the winger.
TuttoMercatoWeb's latest story regarding the future of Riyad Mahrez fits the bill, with the Italian website stating Leicester have very recently rejected a €70m bid from Manchester City for the Algeria global.
Leicester City will not allow him to leave unless they receive an extraordinary offer for the 2016 Player of the Year, which would break City's club record 65 million euros spent on French defender Aymeric Laporte on Tuesday. He then helped them to make history and win the Premier League title and he's done what the chairman has asked of him which is to stay at the King Power and secure the club's Premier League safety. City were very interested in bringing in Mahrez but he will not be moving to City in this window.
"They let Kante go, Drinkwater go - he could have been the record sale in the history of the club". He's given his all for Leicester this season so that he could leave in this window.
Guardiola recently talked about budgetary constraints at Manchester City and the club pulled out of the race to sign Alexis Sanchez earlier in the month, citing financial reasons.
Manchester City must now wait until the summer window before adding further to their squad.