Mahrez was a key cog in the wheel as Leicester won the top-flight title in 2015/16, just one season after narrowly escaping relegation.
Mahrez won City’s Player of the Year, became the first African to win PFA Players’ Player of the Year and also made it into the Premier League Team of the Year.
He also scored 17 goals, second only to Jamie Vardy’s 24-strike haul, which helped the Foxes coast to the crown, 10 points ahead of second place Arsenal.
Ranieri, talking as part of a new City Studios documentary, The Riyad Mahrez Story, says you can’t underestimate the winger’s impact.
He said: “I talked to him and said in the last 30 metres, you can do what you want.
“I said ‘you are a fantasy player’. You can invent everything.
“At the right moment - show your style!”
Ranieri also recalls a funny moment where he was asked by Mahrez about Leicester’s chances of winning the title, with the Foxes flying high at the top of the table.
He continued: “Riyad asked me: ‘Hey coach, what do you think we can do?’
“I didn’t answer but I was surprised. I was laughing.
“He said: ‘You coach. You know!’
“I thought ‘yes I can imagine we can arrive in the Europa League and the Champions League if everything goes well’. But never did I think we will win the title. No, never. I am an honest man.”
Ranieri has joyful memories of Mahrez – and the feeling is mutual.
Mahrez remembers the confidence given to him by the likeable Italian, as the pair chatted about the winger’s role with the 2015/16 campaign on the horizon.
He added: “He came to see me and gave me a lot of responsibilities.
“He gave me the keys of the game. He told me ‘I want you to take the ball, lead this team, make people score, score yourself, score penalties.
“And all this, it’s like it gave me wings.
“And from that point onward, I just found my confidence.”