However, over the past two season, he had ups and downs, but he is still one of the most important players for the "The Foxes" along with Jaimy Vardy.
The Reds have confirmed they have reluctantly agreed to the sale of the Brazilian, who has been pushing for a move to the Nou Camp for some time, and a deal will be rubberstamped once he has passed a medical and agreed terms.
Unsurprisingly, there were plenty of excited Liverpool fans.
Mahrez has seven goals and seven assists in the Premier League this season. Image PA Images
"Reports have suggested the Algerian is close to a move, but we've been told that there has been no contact between Leicester and Liverpool". The 26-year-old was the creative inspiration behind Leicester's incredible Premier League title win in 2015/16, scooping the PFA Player of the Year and African Footballer of the Year awards in the process.
According to a report by French publication L'Equipe, Liverpool have taken the first steps to prise Riyad Mahrez away from Leicester City in the winter transfer window.
Jurgen Klopp released a nice statement wishing Coutinho well but looks to have a replacement already lined up. Liverpool surely can't compete for a top-four spot, attempt to go further in the Champions League and FA Cup without replacing him.More news: Natural disaster rocks San Francisco Bay Area but no major damage reported