Craig Shakespeare insists no decision to be made over wantaway Foxes star with no offers submitted.
The Leicester City winger wants to leave the 2015-16 Premier League champions.
Manager Paul Clement insists any sale will be dictated by Swansea amid rumours of £50m asking price.
Craig Shakespeare could hand frustrated winger more first-team starts in 2017-18.
Iheanacho destined to leave City after being frozen out by Pep Guardiola.
Mahrez scored only six goals in the last campaign.
England youngster wants assurances from manager Craig Shakespeare amid uncertainty over Riyad Mahrez.
Mahrez has already signalled his desire to leave Leicester this summer.
Manchester United star already played under Ernesto Valverde at Athletic Club Bilbao.
Sport claims that the Leicester City star could complete a £35.2m move to the Gunners this week.
Mahrez had previously signalled his intentions to leave the 2016 Premier League champions.
Leicester City are believed to value Schmeichel at £50m.
Maguire joined Leicester for a reported fee of £17m on Friday.
Foxes will pay £17m to Hull for 24-year-old centre-back.
24-year-old has never made a senior appearance for United after nine loan spells in six years.
Craig Shakespeare will be tested once again as he embarks on his maiden transfer window.
Algerian playmaker has been open about his wish to leave the King Power Stadium this summer.
53-year-old took over from Claudio Ranieri in February and led the previously stricken Foxes to safety.
Foxes consigned to losing Mahrez as club line up Gylfi Sigurdsson as replacement.
Wenger, 67, is set to sign a new two-year contract to extend his stay at Arsenal until 2019.
In a statement, the Algeria international revealed he has informed the Foxes of his wish to move on.
Demarai Gray has made only nine starts this season for Leicester.