The 27-year-old striker has refused to sign a new improved contract at the Emirates Stadium which is expected to raise his weekly wages from £130k-per-week to a figure closer to £180k-per-week.
However, Arsenal face a stern battle to keep Alexis Sanchez at the Emirates Stadium as the Chilean forward has now been linked with two European giants believed to be Juventus and Atletico Madrid.
Serie A leaders Juventus are reportedly keen on Sanchez and are monitoring the progress of his contract negotiation with Arsenal though Spanish capital club Atletico also interested.
Sanchez, who has scored 36 goals in 85 appearances for Arsenal, joined Arsene Wenger’s side from Barcelona for £35m in 2014.
It is understood Juve would be willing to pay that fee to bring the former Udinese forward back to Italy.