Etihad chiefs have made contact with the Gunners to establish if a deal can be done in this transfer window.
And there are two main reasons behind Manchester City‘s motivation to accelerate the deal – despite Sanchez being available for free in the summer.
City boss Pep Guardiola wants to bring the move forward after seeing Gabriel Jesus ruled out for up to two months with damaged ankle ligaments.
That has left Sergio Aguero as the only out-and-out striker in his squad as City bid to battle on domestic and European fronts.
The second big factor is the fact Sanchez can play in the Champions League, which has prompted Guardiola and his Etihad bosses to get serious this month.
Chairman Khaldoon Al-Mubarak was initially concerned the signing would upset the balance of a team chasing the quadruple.
But he knows Aguero alone isn’t enough and Sanchez’s quality – and the fact £30m is still a bargain price in today’s market – makes him an attractive option.
Arsenal are willing to sell at the right price – just as they made clear to City over the summer.
But, as was the case then, they want time to bring in a replacement before the transfer window closes.
Back in August that was Thomas Lemar but he snubbed a move to the Emirates, meaning Sanchez too stayed put.
Express Sport understands the Chile international has been told City will be making a bid for him in the coming days.
If Arsenal do decide to deal, it will likely cause a backlash from fans already angry with Arsene Wenger after the Gunners were dumped out the FA Cup by Nottingham Forest.