With the forward out of contract in the summer, Arsene Wenger may be prepared to cash in, with Sanchez free to leave at the end of the season.
The Gunners will have to weigh up whether they want to keep Sanchez for their top four challenge but risk losing money when their number 7 can leave on a free in the summer window. They face the same situation with their other star man, Mesut Ozil.
With the valuable pair both unlikely to sign any new contracts at the Emirates, clubs like Man City could take advantage of this and get their man for a reduced fee.
City are looking to strengthen their attacking options, with Gabriel Jesus ruled out for around three months with a knee injury and will be looking to land the Chilean attacker after failing with a deadline day move in August.
It could be an expensive window for The Citizens with Guardiola looking to strengthen his back line as well. Big money targets such as Inigo Martinez and Samuel Umtiti have come up on their radar.