Arsenal have launched an improved bid for Leicester City wing and Premier League Player of the Year Riyad Mahrez, according to reports. 

Leicester are believed to be desperate to hold onto their key asset for at least another season despite the player having turned down an improved contract offer from the side in the summer, reports L’Equipe.

Mahrez himself, meanwhile, is believed to be keen on joining the Gunners.

Arsenal boss Arsene Wenger made an initial £30-million approach for the player on Wednesday but has now upped his offer to £35-million after seeing his original proposal turned down.

Meanwhile, a conflicting report by The Guardian has claimed Mahrez has accepted he will not be leaving the club in the upcoming transfer window having met with the club to discuss his future on Wednesday.

Nevertheless, talks for the star are believed to be continuing, with rumours circulating that the Foxes would accept an offer of around £50-million for the player.

Mahrez was magnificent for Leicester last season as he scored 17 goals and assisted on 11 occasions as Leicester stunned the football world by claiming the Premier League title.