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Ranieri demands more from Mahrez

“I’m not sure what would cheer Arsenal fans just now – except perhaps two or three stop-you-in-your-tracks new signings”, he says.

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Arsenal were prepared to pay the £20million release clause in the striker’s contract and offer him a deal worth a reported £25m over four years.

“He has to play better because we are now also in the Champions League and we need something more to play against these big teams”, Ranieri told journalists on Thursday. Our effort was wonderful but it was individual, not as a team.

“We had great success in the last 20 years in improving our structures and the main thing is based on a transfer policy”. We made some mistakes and we have to think where we made them. “I believe it is not hard to attract players”. “We’ve done that [spent big] before, but it’s about identifying the players and the availability of the players”, Wenger added.

Claudio Ranieri’s side lost to Arsenal twice in the Premier League last season as the Gunners were 5-2 winners at King Power Stadium in September before a 2-1 victory over Leicester at The Emirates in February.

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With the Premier League’s new found broadcasting riches dwarfing those in Europe, Wenger believes clubs on the continent are vastly inflating the price tags on players once an English club comes knocking. The Foxes won the league with 10 points to spare last season but their opening day loss to Hull City has led to question marks over their ability to keep themselves in touch with the leaders. Sanchez scored three times on his last trip to the King Power, but as a left winger. Also joining Arsenal is Takuma Asano and Rob Holding, from Bolton. The London club are in dire need of a central defender following the injuries to Gabriel Paulista and Per Mertesacker, whilst Germany worldwide Shkodran Mustafi has been linked with the club. Musa got his debut, and Robert Huth was suspended, so Luis Hernandez played in his place.

Premier League: Riyad Mahrez says he could be tempted him to leave Leicester City