The 31-year-old was a mainstay for Pep Guardiola's City side last season, managing 24 goals and nine assists in 47 appearances across all competitions.
However, his future at the Etihad Stadium is somewhat uncertain following the arrivals of forwards Erling Haaland and Julian Alvarez.
El Nacional reports that due to this uncertainty, Mahrez and his agent have reportedly begun to study options over the forward's next potential career move. The forward's current contract with Manchester City has a year left to run and he is reportedly willing to consider proposals from potential suitors.
The former Leicester City winger is open to leaving England and a move to Real Madrid could be in the offing.
Los Blancos boss Carlo Ancelotti reportedly admires Mahrez's technical abilities and believes he can reinforce the La Liga champions' attack.
Meanwhile, Real Madrid president Florentino Perez would only like to secure the Algerian on a free transfer. This may see Madrid pursue a move for Mahrez next summer given that his contract will have expired if he doesn't agree to extend his current deal.
Mahrez reportedly would not mind leaving England as he has won all the domestic titles there are to win in the country. However, the only major trophy missing from his collection is the Champions League. The Santiago Bernabeu outfit won the Champions League this past May, defeating City in the semi-finals.
Manchester City Riyad Mahrez could flourish at Real Madrid
Riyad Mahrez has been one of the Premier League's top wingers over the years, having impressed for both Leicester City and Manchester City. The Algerian played a key role in Leicester's unlikely Premier League title win in 2016 before joining City for £61.2 million in 2018.
At the Etihad Stadium, Mahrez has earned praise for his phenomenal technical ability on the ball and he now has an abundance of experience under his belt.
This may be hugely beneficial to Real Madrid boss Carlo Ancelotti as the Italian possesses youthful attacking options such as Vinicius Jr. and Rodrygo.
Having the two young Brazilians learn from Mahrez would only further enrich their attacking talent whilst he would also offer vital squad depth for Ancelotti.
The Algerian has done all there is to do on English shores and perhaps he feels that closing out his storied career with Champions League success is more likely at Madrid.
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