If Sanchez does go, Wenger will step up his pursuit of Draxler.
The tenacious Chilean's contract expires at the end of the season, meaning that Arsenal could see him leave on a free transfer if they agree a fee to sell him in January.
With Mesut Ozil, it always seemed like the German would be the more likely of the two to stay at the club, should Arsenal cave in and meet his extortionate demands.
Yet after watching his team fall apart at home and away to Bayern the 29-year-old changed his view and decided he had to leave the Gunners to find success elsewhere, and was determined to be reunited with Guardiola at Manchester City.
The former Barcelona man has just five Premier League goals to his name this season, with only one in the last five matches too, as Arsenal face another season out of the top four at this rate.
Cold & Partly Sunny Today, Lows in the Teens Tonight
Bitter cold is on the way this week with the onset of a significant cold air outbreak that will likely last into 2018. Highs will struggle to get out of the single digits! Daytime highs today will be running in the upper 20s and low 30s.
Sanchez had reportedly agreed to extend his current deal with the Gunners previous year but Bayern's 10-2 aggregate victory over Arsene Wenger's side in the Champions League forced him to change his mind.
Long-time Arsenal target Julian Draxler has been the subject of transfer banter-again.
Arsenal boss Arsene Wenger insists that there have been no offers made for Alexis Sanchez, despite frequent links with Manchester City and Paris Saint-Germain.
Arsenal have been long-term admirers of the playmaker and may look to acquire him as a direct replacement for Alexis Sanchez.
"Of course, when you are used to winning, you want to keep winning".