Craig Shakespeare has revealed that Leicester City "politely declined" an offer from Roma for wantaway winger Riyad Mahrez as it fell well short of their asking price.

The Algeria international handed in a transfer request at the King Power Stadium earlier this summer, leading to interest from the Italian club and Premier League rivals Arsenal.

Shakespeare initially claimed earlier this week that, despite the intense speculation of Roma being close to reaching an agreement for Mahrez, no bids had formally been lodged.

Speaking three days on, however, the Leicester boss has clarified that a move from Roma has been rejected for the 2015-16 PFA Player of the Year, who netted an impressive goal in the pre-season friendly meeting with West Bromwich Albion on Wednesday afternoon.

"I think I was quoted on the last press day that there was no bids," he told reporters. "There was a bid from Roma, I was told afterwards, so I would like to put the record straight on that one.

"It was politely declined on the basis that it was a low offer. Of what that offer is, don't ask me how much because I don't know and I don't get involved in that.

"I think you saw in Riyad's performance [against West Brom] and I've seen a lot of quotes from our players - he's here as a Leicester player and until we're told otherwise, we expect him to perform at the high standards we all set.

"He's a team player. Individuals are involved in this team sport so they have to adhere to the rules of a team game and while he does that he'll be considered for selection."

Mahrez is reportedly willing to take a big cut on his current £100,000-a-week salary in order to push through a move to Roma.