Manchester City made three bids for the Algeria worldwide, including a player-plus-cash offer of around £60m.
Leicester City are understood to have demanded a whooping £95 million for their star player as opposed to the £65 million plus an unnamed player that the Citizens were willing to offer to get the deal done.
Mahrez was left out of the Foxes' side for Wednesday's 2-1 defeat at Everton, after which manager Claude Puel said the winger was "disappointed" not to conclude a switch, but that he would be welcomed back into the squad.
Deadline day saw Pierre-Emerick Aubameyang join Arsenal from Borussia Dortmund for £56m, while earlier in the window Philippe Coutinho left Liverpool after Barcelona splashed out a club-record €160m for his services.
And Guardiola has discussed City's hunt for Mahrez, claiming the winger will stay at Leicester and there's nothing he can do about it.
A friend spoke to Sky about the former PFA Player of the Year's disappointment at not being allowed to move, saying, "This is the fourth transfer window in which Leicester have said they will allow him to leave".
And after trying to force through an exit last summer, Mahrez could well be entering his final few months as a Leicester player.
"I don't talk about it too much". He feels very strongly that he has done everything in his powers for the club.
The extent to the injury was apparently what propelled Manchester City to solidify their interest in the 26-year-old playmaker with a purported bid of €68m lodged, according to France Football.
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