The Algerian winger has been linked with a £40million switch to the Emirates and put in another impressive performance, as the Foxes beat Celtic on penalties to win the International Champions Cup.
When asked about Mahrez's future at the end of the game, Ranieri said: "It is good for you [the media] not for us.
"Did you see how Riyad is happy? He played so well, worked so hard for the team, he scored a goal and he stays with us.
"It is very important [to keep him], he is one of our stars.
"Other teams maybe have more stars and maybe he doesn't play at the same level, because maybe he is on the bench, so it is much better he stays with me."
Asked if Mahrez was worth more than £40million, the Italian replied: "Maybe tomorrow some newspapers say £100million, that is good - keep going. It is only speculation."
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