A deal looks to be edging closer for Alexis Sanchez to join Manchester United with reports in France claiming the Gunners have accepted an offer.
Henrikh Mkhitaryan is also expected to move in the opposite direction.
However, Express Sport understands Chelsea have now entered the race late on for the Chilean and are ready to make a late bid.
Antonio Conte is desperate to add attacking firepower to his squad this month following Alvaro Morata’s struggles in front of goal.
And it seem the Italian believes Sanchez would be the perfect signing for his side to challenge in the Champions League this season.
The Gunners are cashing in on the 29-year-old this month to avoid losing him for free at the end of the season.
Manchester City had been keen on signing the former Barcelona star but refused to pay more than £20m.
United are thought to be willing to fork out £40m and have offered Mkhitarayn to join the Emirates club.
But the Gunners could be left with another offer on the table with Chelsea preparing a bid.
A player of Sanchez’s quality rarely becomes available in the January transfer window that has led to the likes of City, United and Chelsea all chasing him.
Sanchez has only appeared in the Europa League this term for Arsenal too, meaning he would be eligible to play in the Champions League for his new club.