Mahrez has been linked with a move to Arsenal this month, with Alexis Sanchez set to depart the club.

Gunners boss Arsene Wenger wanted the Algeria international before the start of last season.

But Nicholas says Wenger should be looking for a higher quality player than the Leicester winger to replace Sanchez if he does leave.

“I don’t see it. They were in (for him) over a season ago,” the Scot said on Sky Sports. 

“If they are interested then just hang back for a couple of weeks because it will take at least two weeks for them to get in touch with you. If it’s anything to do with the Jonny Evans situation it takes forever to get things done! 

“The way he’s playing right now, I have said to you before maybe a month or so ago, I’m not particularly as an Arsenal guy seeking Riyad Mahrez to come. 

“Yes, I get his talent, he’s playing outstandingly well. 

“But I think there’s better players on the market you can go and get. 

“But in saying that, Arsenal are probably, as we touched on, having to plan to rebuild. 

“So that type of player at the moment would get into the team. 

“Whereas if you asked me three of four months ago, I would have said it would have been a struggle for him.”