Despite having enjoyed a first-team renaissance at the Nou Camp this season, there is talk that the Chile international will be allowed to leave this summer.
Juventus have been heavily linked with a £20m offer for the impish forward, and now it appears that Arsenal are also keen.
Arsene Wenger is thought to see Sanchez as an ideal addition to his attacking line after being impressed with his displays across the last few months.
The 25-year-old would also slot neatly into their playing system after spending the last few years at Barca, where he has perfected his skill set after emerging as a talented, yet raw, wide attacker at Udinese.
Juve are favourites to land the South American, who spent much of his early career in Italy.
On the back of a third successive Serie A title, the Old Lady have the funds in place and are keen to do business.