Sanchez first moved to Italy for £2 million in the summer of 2006 but returned to South America on loan for the following two seasons. He has since made 108 appearances for the club, scoring 21 goals on the way and has become one of the hottest talents in European football.
Manchester City and Chelsea were first linked with the player but have now been joined by Manchester United and European Champions Barcelona. Inter Milan and Juventus also registered an interest in Sanchez but he is reported to favour a move abroad.
Udinese are set to demand £30 million for the Chilean, who has 36 caps to his name and his currently preparing for the Copa America.
United had hoped to offer £25 million for the player whilst Barcelona are believed to favour a part-exchange deal including strikers Jeffren and Bojan Krkic.
With Manchester City seemingly exploring other alternatives, London club Chelsea could be the most likely club to meet Udinese’s valuation of the player.