The Chilean is out of contract next summer and he is refusing to sign a new one.
Sanchez is free to sign a pre-contract agreement with foreign clubs in January.
Alexis Sanchez is adamant on leaving Arsenal next summer.
He is refusing to sign any new contract offered to him by the club.
Paris Saint-Germain and Manchester City are both strongly interested in signing the 28-year-old.
PSG hold the upper hand over Manchester City, with Sanchez only being allowed to sign on a pre-contract only for a foreign club in January.
Manchester City came very close to signing the Arsenal forward in the summer.
Th deal had been talked about all summer long, however, the deal eventually fell apart on deadline day with the Gunners unable to find a replacement.
Arsenal are understood to have rejected a deal worth around £60m from City on deadline day.
Arsenal’s German midfielder is also facing a similar predicament.
Mesut Ozil is understood to be a transfer target for some of Europe’s biggest powerhouse clubs.
Barcelona, Manchester United and Real Madrid, his former club, are all keen on signing him.
Barcelona are on the hunt for a new creative attacking midfielder, showing this in their pursuit of Philippe Coutinho.
This would, therefore, make him a suitable candidate to fit this current void in their squad.
Meanwhile, at Manchester United, Jose Mourinho is hoping to reunite with the midfielder following their time together at Real Madrid.
Seria A giants, however, are understood not be a serious option, despite making their interest public.
However, Ozil is believed to be settled in London and has just recently bought a new house there.