Manchester City keen on Barcelona ace
The Premier League champions reportedly pursued the Chilean during 2011, but were unsuccessful as he elected to join the Catalan giants from Udinese instead.
However, the tricky attacker has struggled for first-team football this term, with a drop in form seeing him fall behind the likes of Lionel Messi, Pedro and Cesc Fabregas at the Nou Camp.
This lack of action, coupled with talk of Neymar joining the club, has led to rumours that he could quit Barca at the end of the season, alerting City.
Manager Roberto Mancini is said to be planning a radical overhaul of his squad during the off-season, with a number of his creative front-man believed to be surplus to requirements.
Liverpool have also been linked with Sanchez, but with the Sky Blues almost certain to be able to offer him regular Champions League football and a more lucrative contract, the decision appears to be a fairly straight forward one for the 24-year-old.
Sanchez, who has started just nine La Liga games this season, could be followed out of the exit door by David Villa.
The prolific Spaniard is said to be a target for Arsenal.