The Paris -born Algeria forward is likely to command a fee of around £ 50 million ($ 65 million, 55 . 8 million euros) , with Roma’ s offer believed to be some way short of that figure.
“The bid was politely declined because it was a low offer, ” said Shakespeare.
“I don ’ t know what it was and I don ’ t get involved. ”
Mahrez, who indicated that he wanted to leave the club at the end of last season , was a key figure for the Foxes on their remarkable run to the Premier League title in the 2015/16 season , scoring 17 goals and making 10 assists, which earned him the PFA Player of the Year award for 2016 .
Despite not being as prolific last season , the 26 -year-old still chipped in with 10 goals in 48 appearances as Leicester secured a 12 th -placed finish and a Champions League quarter-final spot .
Mahrez joined the East Midlands outfit from French side Le Havre in 2014.
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