Arsene Wenger is determined to keep his star forward at the north London club and was hoping the club record signing of Alexandre Lacazette could persuade him to stay.
But Sanchez appears to have already made up his mind and after speaking with friends and his family, the 28-year-old wants to play in Europe’s biggest competition next season.
Chile newspaper El Mercurio is reporting that Manchester City have made a £47million offer to sign the prolific striker.
Sanchez has been one of the star performers for Arsenal and Arsene Wenger has remained adamant that he would not allow him to join a Premier League rival.
There have even been suggestions that the Gunners boss would be prepared to see him leave on a free next summer when his contract expires.
But Sanchez is not prepared to wait that long and appears to have made the first move by telling Arsenal of his desire to play for Manchester City next season.
A source close to Sanchez told El Mercurio: ‘Not playing in the Champions League is a big deal for Alexis, he is motivated to participate and win it.
‘Alexis spoke to his team-mates in Russia about the subject, he has spoken with his family as well.
‘All of them came to the same conclusion – it is best for him to end his journey with Arsenal and join City.
‘Alexis is not willing for that, for any reason, [to stay at Arsenal] his idea is to leave in this moment.’
Pep Guardiola would love to have Sanchez in the City attack next season and the chance to forge a formidable partnership with Sergio Aguero and Gabriel Jesus.