With Sanchez’s contract situation yet to be resolved at Arsenal it is looking increasingly likely he will leave the Emirates.
The Chile international was heavily linked with a move to City during the summer and Arsenal accepted a bid of around £60million only for the deal to fall through due to it being too late for the Gunners to bring in a replacement.
It means Arsenal look set to have missed out on a huge cash payment for their star forward who will be available on a cut-price deal in the January transfer window.
Bundesliga giants Bayern have also been linked with signing the 28-year-old but club president Karl-Heinz Rummenigge hinted earlier this month the player has already decided against a move to Munich.
Sanchez has been pivotal for Arsenal since joining from Barcelona in 2014.
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And Real Madrid have now entered the race for his signature, according to El Gol Digital.
The report claims the La Liga giants are ready to launch a bid in January but could also wait until the summer to sign him on a free.
Sanchez is said to be favouring a move to the Bernabeu should they offer him a contract he deems worthy of his stature.
And his potential arrival would reportedly spell the end of Gareth Bale’s career in Madrid.
Sanchez has struggled to discover his goalscoring form this season, having scored just three goals in all competitions.