Sanchez has just over a year remaining on his current deal and has attracted interest from a host of clubs, with Manchester City, Chelsea and Paris St Germain all expected to table bids this summer if the Chile worldwide becomes available.
Arsene Wenger has refused to confirm whether Arsenal have offered Alexis Sanchez a new contract worth £300,000-a-week. We still desperately want to qualify for the Champions League for next season as well.
Another complication is that if Sanchez were to be paid £300,000 a week, Arsenal's other star player, Mesut Ozil, who will also be out of contract next summer, will expect a similar pay-hike, and it is hard to see the board forking out a whopping £550-600,000 a week for just two players.
According to Daily Mail, City manager Pep Guardiola wants to sign the player whom he worked with at Barcelona. "At the moment it would be wrong to think about that".
"We've got aims we want to meet this season, there is still lots for us to play for".
"Let me calculate. How much is that per year?"
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"In the final part of the season, with eight games to go, it's hard when you get distracted".
Fenerbahce are one club who have reportedly shown an interest but, while Ozil's Turkish heritage may prove an enticing factor, they wouldn't be able to get anywhere near to his wage demands.
The Gunners have lost seven of their last 12 games in all competitions, slipping to nine points behind the top-four following Monday night's defeat to Crystal Palace, but securing Alexis to a lucrative deal would be a huge statement of intent.
Cooperativa stressed that Alexis Sanchez is going to play at the Etihad along with Claudio Bravo, his compatriot, and with the under-pressure goalkeeper heading nowhere.
"As players, you can't pick your coach".
But when asked about the prospect of Overmars' return, Wenger replied: "I like Marc Overmars but he's director of football at Ajax. That's what you have to take care of".