The former Le Havre man provided 11 Premier League assists as well as 17 goals last season and Wenger says that shows Mahrez is one of the most risky forwards in the country.
Leicester City boss Claudio Ranieri is confident that midfielder Danny Drinkwater will soon put pen to paper on a new deal. Here, Press Association Sport looks at the men who have committed to the champions this summer.
Both teams remain winless after their opening two Premier League games, with champions Leicester frustrating the visitors for long spells on Saturday evening.
Leicester ended speculation over the winger's future when he signed until 2020 on Wednesday.
Three months on from their fairytale 5,000-1 title win, Leicester were stunned 2-1 by crisis club Hull City last weekend, while injury-depleted Arsenal were run ragged by Liverpool in a 4-3 home defeat.
Leicester have reportedly rejected a £12m bid for Ghana's Jeffrey Schlupp, and Ranieri says the full-back will stay at the King Power Stadium.
The days that have followed have yielded more positive news, however, with Mahrez following the lead of Vardy, captain Wes Morgan and goalkeeper Kasper Schmeichel by signing a new four-year contract. The game was probably the contender for the best game of the season as both teams did not give up till the last.
It was Vardy's second new contract of 2016 after he only agreed his previous fresh terms in February, and his deal set the tone for the Foxes to keep the majority of their stars.
After all, France Football journalist Nabil Djellit, who interviewed Riyad Mahrez last week and who has had a close relationship with the Algerian global since his days at Le Havre, reaffirmed last night that Arsenal did pursue the player.
Neither side could be separated on Saturday leaving them five points off the top of the table. "They can all win it".
Mahrez has been continually linked with a move away from the King Power Stadium over the course of the summer, most often with Arsenal.
The 26-year-old formed an impressive midfield partnership with N'Golo Kante but the France global left to join Chelsea in July.
- Jamie Vardy is still yet to register a shot in target in the Premier League this season.
You can not give up after two games but the early signs are not very encouraging. There is another problem - Ranieri must configure the players again.