Arsenal have submitted an improved offer of 40 million pounds for the Leicester City winger Riyad Mahrez.

The Gunners have recently had two bids of £30m and £35m rejected for the Algerian winger and have now returned with another offer.

This has been confirmed by the French journalist Gilles Favard, who works for L’Equipe. (Tweet translated by Express)

“Le Spectre” “Marhez” prochaine offre @Arsenal on approche des 40 millions de £

— GillesFavard (@GillesFavard) August 11, 2016

Mahrez had a fantastic season last year and helped the Foxes to Premier League glory. He picked up 17 goals and 11 assists in 36 Premier League starts last year. Arsene Wenger is keen on improving his attack this summer and sees Mahrez as the perfect addition.

The PFA player of the year is a target for Chelsea as well, but there haven’t been any official bids from the Blues yet.

It remains to be seen if the Premier League champions accept Arsenal’s third offer now. Leicester have managed to hold on to Jamie Vardy this summer but have lost N’Golo Kante to Chelsea.

Losing Mahrez in the same window would be a major blow to Ranieri’s side. Furthermore, with so little time left in the window, they will struggle to secure replacements as well.