The Chilean ace has been one of the stars of the World Cup in recent weeks, playing a major role in his nation’s successful qualification for the last 16.
Despite the 25-year-old having been impressive in La Liga last season and demonstrated his skills on a global stage, Barca are rumoured to be willing to axe him if bids of around £20m are received as they plot a major first-team reshuffle.
Arsenal are said to be in talks for the superstar, while Liverpool have been linked with a stunning swap deal involving Luis Suarez.
But now City are ready to beat the duo, and bitter rivals United, to Sanchez with a big offer.
Manuel Pellegrini is understood to have £49m at his disposal this summer – some way down on the Sky Blues’ usual budget due to a Financial Fair Play-related fine – yet he is willing to blow half of that on his compatriot.
Sanchez has also been linked with a move to Serie A champions Juventus, but reports claim he is more keen on switch to England.