Craig Shakespeare plans to hold one-to-one talks with Riyad Mahrez to establish the Algerian’s state of mind in the wake of his announcement that he wants to leave. The Leicester City manager has already issued a public warning to the player he will be left out of the team if he shows a lack of commitment.

Speaking on the same day that Mahrez returned for pre-season training, Shakespeare insisted that Leicester have not received any bids for the 2016 PFA player of the year and made it clear that he expects the winger to conduct himself professionally while his future remains unclear.

Mahrez has been the subject of plenty of transfer speculation since he took the decision to release a statement at the end of May, saying he was “fiercely ambitious” and had “informed the club that I feel now is the time to move on”. The 26-year-old also implied in that press release that there was a gentlemen’s agreement in place with Vichai Srivaddhanaprabha, Leicester’s chairman, at the end of the previous season that he would stay on for another 12 months after winning the Premier League title.

“It can be disappointing when players go public with it but I think you have to understand the modern game,” Shakespeare said, reflecting on Mahrez’s situation. “Sometimes outside influences are secondary behind that and there can be reasons for that. Him coming out, we know where it stands, but ultimately he’s contracted to the football club.

“He has to be professional. We have to be professional with him. But more importantly he has to be committed and I think he has to show supporters, staff and players that. If he’s selected, he has to perform and, if he doesn’t show commitment, he won’t play. He’s got a contract with us, so he has to understand that.”

Arsenal remain Mahrez’s most likely suitors, yet the two clubs appear a long way apart on their respective valuations and there is no suggestion that any transfer deal is imminent. Leicester will allow Mahrez to leave but only for the right sum and are prepared to play hardball over any negotiations on the fee, with the East Midlands club believed to be looking for close to £50m.

“We haven’t had any bids and, if we don’t have one, we’ve got no decision to make,” Shakespeare said.

The Leicester manager confirmed Mahrez will definitely be in the squad that travels to Austria for a pre-season training camp and in the party that goes on to Hong Kong later in the month to compete in the Premier League Asia Trophy. Beyond that Shakespeare said he is “open-minded” about selecting Mahrez.

“Knowing him as I do, I think with Riyad he was just trying to be as honest as he can [by issuing the statement],” Shakespeare said. “Of course it can disappoint the fans but I need to really sit down with him one-to-one and see where he’s at in his head and how he feels.

“I’ve always had a decent relationship with him. But if players want to go, ultimately they have contracts and they have to honour them. If they want to go and we get a bid, we’ll reflect on it.”

The anticipated departure of Mahrez will be offset by the arrival of Kelechi Iheanacho from Manchester City, with the Nigerian striker expected to sign for Leicester for about £25m. There is a willingness on the part of both clubs to get the deal done, although Leicester do not anticipate the transfer being completed for at least another week.