Let x₀ be a nonzero vector in ℂⁿ. We show that a linear map Φ: Mₙ(ℂ) → Mₙ(ℂ) preserves the local spectral radius at x₀ if and only if there is α ∈ ℂ of modulus one and an invertible matrix A ∈ Mₙ(ℂ) such that Ax₀ = x₀ and $Φ(T) = αATA^{-1}$ for all T ∈ Mₙ(ℂ).