Mahrez was keen on leaving Leicester earlier this summer but no club has matched the Foxes’ asking price.
Serie A outfit Roma have seen bids rejected for the Algeria international and have now ended their interest in him.
Merson expects Mahrez to still be a Leicester player come the end of the window.
However, he reckons Chelsea may look to bring him to Stamford Bridge but only as a backup to star forward Eden Hazard.
“Yeah I do (think he will stay),” Merson said on Sky Sports of Riyad Mahrez.
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“What Roma are offering is just not enough in this day and age and in this market, when you watch what he can do.
“Nobody else has come in for him.
“When you were going through the teams then I was thinking who could he play for?
“Liverpool have bought already, Arsenal have loads of them players, Man United no, Tottenham no, I think Chelsea no.
“Unless Chelsea buy him as another squad player.
“Then he won’t play but he’ll play when Hazard doesn’t play.”
Riyad Mahrez will look to help Leicester to back-to-back league wins when they take on Manchester United at Old Trafford this evening (5.30pm).