The Fanatik newspaper report that Fenerbahce were offered Mahrez through his agent but that the Istanbul giants were not interested at the time.
The Yellow Canaries opted to bring in Liverpool winger Markovic on a one-year loan but may just be regretting not taking up the offer for the Algerian midfielder considering the kind of form he has been in this season.
Mahrez has been in scintillating form for the Premier League leaders scoring 16 league goals and providing 11 assists.
The Algerian international is a candidate for the player of the season
Mahrez joined the Foxes on a £400K move from Le Havre in January 2014 and considering Leicester had just escaped relegation he did consider leaving over the summer.
The Yellow Canaries would have to make a bid in excess of £25 million if they want to take Mahrez of Leicester’s hands now.
Markovic has been ruled out of action until the end of the season with a hamstring injury and now missed a total of 181 days of football. The Serbian international has scored just twice and provided three assists in 20 games for the Canaries.