According to The Express, the Reds are in talks over a potential move for the former Le Havre graduate as they are looking to find a quick replacement for Philippe Coutinho.
The heavily-criticised Liverpool defence has conceded just four goals in their last 13 home league games and now have Virgil van Dijk to call on.
However, the deal may not be straightforward as it seems with Mahrez said to be waiting on interest from the Gunners, though the club have yet to make any contact with the Foxes.
"I don't think Mahrez would want to go there", Wise told The Debate on Sky Sports on Wednesday night. If Arsenal are the only team above the top six, of course he'd go to Arsenal.
Arsenal are in sixth spot in the Premier League table and five points adrift of Liverpool FC, who occupy the final Champions League qualifying spot.
And Nicol who spent 14 years at the Merseyside club stated that the Algerian playmaker is a player he would sign instantly, and has urged the Reds to secure his service.
The Gunners haven't won the Premier League title since 2003-04.
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