English striker Vardy, 29, and his 25-year-old Algerian teammate Mahrez accounted for 61 percent of Leicester's goal tally this season as the team managed to win the Premier League for the first time in their 132-year-history.
Vardy was named the Football Writers’ Association player of the year as Mahrez was selected as the Professional Footballers' Association player of the year.
English international Vardy scored 24 goals in 35 league appearances this season. He produced six assists.
Mahrez is the second top scorer of the team after Vardy. Making a hat-trick against Swansea in December, the 25-year-old midfielder tallied 17 goals and 11 assists.
Securing the league title after rivals Tottenham Hotspur's 2-2 draw against Chelsea in a London derby with two matches to spare, Leicester City scored 67 goals in 37 league matches.
With this figure, Leicester City became the third top scoring team of this season's Premier League after Manchester City and Spurs.
Vardy and Mahrez scored 41 goals and produced 17 assists in total.
Vardy breaks Premier League record
Vardy broke a record in the league by finding the net in 11 consecutive matches. The record in this field previously belonged to former Dutch star Ruud van Nistelrooy who managed to score in 10 consecutive league matches.
Vardy's success story will be shot as a movie expected to be filmed after the UEFA Euro 2016 finals to be held in France this summer.
Born in Sheffield, England, Jamie Vardy was released by Sheffield on Wednesday after trials. Earning his livelihood by working in a medical office for 12 hours a day, Vardy played for amateur club Stocksbridge while he was 16.
In 2010 he was signed by amateur league club Halifax Town before moving to Fleetwood Town.
Playing in England's second-tier division Championship in 2012, Leicester City purchased Vardy for one million pounds ($1.4 million).
Mahrez grew up without father
Mahrez grew up without his father as the Algerian star's dad -- who was a football coach -- passed away while Mahrez was 15 years old.
Like his teammate Vardy, Mahrez started to play football for an amateur division team.
Having an Algerian-born father and Moroccan-born mother, Mahrez decided to earn his livelihood by playing professional football when he was 18. Mahrez made his debut for an amateur French team, Quimper, in 2009 and he scored two goals in 22 appearances in his first season.
Having drawn attention with his pace and technical ability, Mahrez was transferred to Le Havre in 2010 after turning down chances to play for Paris Saint-Germain and Olympique Marseille's reserves.
The Algerian midfielder found the net for 24 times in 60 matches for Le Havre’s B team. Then he was promoted to the club's senior team and tallied 10 goals and 12 assists in 66 matches there.
The English club signed Mahrez from Le Havre for 320,000 pounds ($462,477) in 2013-2014 mid-season.
By Yunus Kaymaz
*Can Erozden contributed to this story from Ankara.
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