Alexis deals Arsenal a huge contract blow as Chelsea and Manchester City target wants Champions League football
The Gunners are desperate for their star man to sign a new contract as he enters the final year of his current deal.
But The Mail claims the chances of Sanchez staying are very slim, with the Chilean looking to play in the Champions League next season.
Arsenal are one point outside the top four with a single game remaining and must win against Everton on Sunday to keep their European hopes alive.
However, Liverpool face a much easier task against relegated Middlesbrough, while Manchester City have virtually booked their place in the elite continental competition already.
And it means that Sanchez is likely to snub an offer from Arsenal should they finish in fifth, with the PFA Player of the Year nominee also demanding wages worth £300,000-a-week.
A number of teams are keen to snap him up, including Man City, Paris Saint-Germain and Bayern Munich.
However, Chelsea are believed to be favourites for Sanchez’s signature after storming to the Premier League title.
Diego Costa appears to be heading for China while Eden Hazard remains a target for Real Madrid, possibly paving the way for Antonio Conte to launch a mega-money move for Sanchez.