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Manchester City, Bayern Munich and Chelsea have all expressed interest in signing Sanchez this summer as he fails to agree terms over a new deal.
The Gunners are desperate not to sell the 28-year-old to a Premier League rival but face losing Sanchez for free next summer if they cannot reach an agreement.
And, according to the Daily Mirror, Sanchez has told Arsenal he wants a staggering £400,000-a-week to stay at the Emirates.
The demand has led to a contract stand-off as the Gunners are believed to be unwilling to meet the figure, instead seeing £275,000 to be a sufficient sum.
Arsene Wenger is said to have been hoping that the signing of Alexandre Lacazette for a club-record £52million would show Sanchez the club’s renewed ambition and persuade him to remain in north London.
However, it is claimed the Chile international, who scored 24 goals last season, will only stay if he becomes the highest-paid player in the Premier League.
On Lacazette’s arrival from Lyon, Wenger said: ‘We are very happy to have Alexandre join our group.
‘He has shown over a number of years that he can score goals and that he is a very efficient finisher.
‘As well, he has very interesting technical qualities and a strong character. So he is a guy who is a great addition for us, and someone who will help us challenge at the top level this season.’
Speaking about his future at Arsenal at the end of last month, Sanchez confirmed he had made a decision but refused to give any indication of where he will be next season.
Right now I’m focused on the Confederations Cup,’ he said. ‘When this is finished I will see if I stay or go. I don’t know.’
Asked if his decision is clear in his mind, Sanchez replied: ‘Yes, it’s clear. But I can’t tell you.’