The German champions have been heavily linked with a bid for the Chile global, who has just one year left to run on his current contract at the Emirates Stadium.
Yet Arsenal are believed to be keen to avoid selling Sanchez to a domestic rival and would prefer a sale to an European club if terms can be agreed.
Alexis' contract expires on June 30, 2018. "The simple equation is this: £400,000-a-week is £20m a year, over four years that's £80m". The Gunners have been trying to tie him down to new terms for a while now, but no agreement has been reached.
Sanchez, who failed to lead Chile to a Confederations Cup win against Germany in the final recently in Russian Federation, has been heavily linked to Bayern.
Alexis earns in the region of £130,000 a week at the moment and is said to be demanding a substantial pay rise if he is to consider extending his Arsenal deal.
That would then have a knock-on effect when it comes to negotiations with players such as Oxlade-Chamberlain and potential new signings.
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Zamorano believes Sanchez is a victor and desperately wants to lift the Champions League, something the Chile legend thinks can not happen at Arsenal.
"And what he wants above all else is to win the Champions League - and I do not think he will have the opportunity to do that at Arsenal". That is £125,000 more than the current offer.
Wenger insists he will not sell Sanchez this summer.
Arsenal have shown that they are not afraid to spend heavily this summer, as evidenced by their club-record purchase of Alexandre Lacazette from Lyon earlier this week.
The former Barcelona man was an ever present for Arsenal in the Premier League during the 2016/17 campaign, scoring 24 goals and laying on 10 assists.
Alexis Sanchez looks like he's staying put, if a Chilean journalist is right.