According to the Daily Mail, the Algerian international is set for a medical at Manchester City between Sunday and Tuesday.
The two clubs have agreed a fee of £60m for the 27-year-old and talks have now been completed between the two sides, with Mahrez due in the north west for a medical at the start of next week.
Mahrez was the subject of a huge saga at the end of the January transfer window, with Manchester City trying desperately to sign the former PFA Player of the Year. However, Leicester held out for £95m and City chiefs pulled the plug on the deal at the last hour.
Despite going AWOL for 10 days at the beginning of February, Mahrez put in some fantastic performances for Leicester during the second half of the season. He took his tally to an impressive 39 goals in 139 Premier League appearances, 38 of those coming as Leicester lifted the trophy in stunning fashion back in 2016.
Coutinho is proving at this World Club that he is a world class player. But considering his contribution to the Premier League compared to Mahrez - £60m looks like a bargain compared to the £142m paid for Coutinho— James Robson (@JamesRobsonMEN) July 3, 2018
Leicester have granted Mahrez extra time off this summer, meaning that he has not returned to pre-season training at the club's Belvoir Drive training ground with the rest of his Foxes teammates.
Mahrez's experience of winning the Premier League will certainly have left him hungry for more success, and he now has the chance to achieve that once more under the stewardship of Pep Guardiola.
City cruised to the Premier League title, becoming the first team to hit the 100-point barrier since the Premier League was founded in 1992.
Meanwhile, Leicester have already started to bolster their attacking options, with the signature of England Under-21 international James Maddison from Norwich City earlier this summer.