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The Gunners forward was recently linked with Bayern Munich and the Daily Mirror claim his agent has recently been in touch with them over a possible transfer.
However, reports earlier this week claimed the Bavarian giants could not afford Sanchez’s wages, which may now have galvanised Arsenal into action.
The 28-year-old has been on fire for Arsenal this season, scoring 29 goals in all competitions, but has just a year to run on his current contract.
Talks have been ongoing for months, with a number of top clubs such as Chelsea and Manchester City monitoring his situation, but Arsenal insist they won’t sell him this summer.
Sanchez would be free to leave on a Bosman at the end of next season, but Arsenal remain hopeful that they can persuade him to remain at the Emirates Stadium with this improved wage offer.
City, however, reportedly feel that the presence of Sanchez’s former Barcelona manager Pep Guardiola at the Etihad Stadium could tempt the South American into the switch to Manchester.