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Karl-Heinz Rummenigge says Alexis Sanchez is not joining Bayern Munich.
Manchester City and Bayern are the two teams interested in landing the Arsenal star.
But Bayern CEO Rummenigge has admitted defeat in the transfer chase.
“I think Sanchez has already decided which club [to join], so I suppose that the door will be closed in January,” Rummenigge told Sky Germany.
“That’s not an issue, and he is no direct substitute for Robert Lewandowski as he is not a real centre forward.”