Definitely, if we can manage it. Thing is, I don't see any of the other big boys looking for a player like him - Arsenal don't need another AM, United have just signed Mkhitaryan and Mourinho's stated that he wants to play 4-3-3 anyway, Chelsea have Willian and the rest of that bunch, Liverpool have enough AMs...and he probably isn't a good fit for Pep's style at City.
If it's true that he's rejected a new contract worth 80k a week, we could do worse than throw an inquiry his way. at least. We could offer him 100-120k quite easily, and I doubt anyone would complain about him becoming one of the highest paid players at the club given that, y'know, he's fresh off winning the league.
He seems like he'd be a great fit - quick with the ball at his feet, excellent first touch, proven in the league, still only 25, champion. He might cost a fee too steep for Levy to bother commencing no doubt long-drawn out negotiations for, but if we're looking for an AM as the third addition to the side, he ticks every box. Plus, if the Belgian chemistry's any indicator, Bentaleb could use the boost his countryman arriving would provide him.
From Mahrez's perspective, though, I could see why a move to Spurs would be relatively unappealing - we can pay him more than what he rejected at Leicester, we can give him the chance to live and play in London, and we can now offer him CL football - but he could also get CL football at Leicester, and the bit of extra money we could probably offer him probably wouldn't compensate for the low likelihood of us winning anything for the time he spends here, given how cavalierly we sometimes treat cup competitions and how predictably our league performance hovers around the 70-point mark. For a 25-year old player, it's certainly not a deal-breaker (he could spend a couple of relatively lucrative years at Spurs and then move on again to a genuine superclub if he impresses), but he'd probably look to make the jump straight to whatever superclub will take him, which probably means a move abroad given (as I said) that domestic clubs don't look like they really need him.