Arsenal reject Man City's £50 million Alexis Sanchez offer - sources
Manchester City have had a £50 million bid for Alexis Sanchez rejected by Arsenal, sources have told ESPN FC.
Pep Guardiola wants to sign the Chile international before the transfer window closes on Thursday and City have finally made a formal offer to the Gunners.
Arsenal boss Arsene Wenger has insisted that Sanchez, 28, is not for sale despite him entering the final year of his contract and yet to agree to signing a contract extension.
City want to complete a cash-only deal for Sanchez despite sources close to Raheem Sterling claiming the player was offered as part of a player-plus-cash deal to Arsenal.
Sources said Arsenal are pushing for a player to be involved, and that Sterling would consider a move to London if he was deemed surplus to requirements at the Etihad Stadium.
With their initial cash bid for Sanchez turned down, City are expected to return with an improved offer for the forward, who is currently in Chile for Thursday's World Cup qualifier with Paraguay.
They will send staff to carry out a medical in South America if he is refused permission to leave their training camp.
Chilean newspaper La Tercera reported on Tuesday that Sanchez asked national team coach Juan Antonio Pizzi to be given some time off on Wednesday in order to deal with some "personal formalities."
Wenger has said he would be prepared to let Sanchez run down his contract and leave for free next summer, but pressure is growing on him after his side lost two of their three opening games of the season.
Sanchez played his first game of the season in Sunday's 4-0 defeat at Liverpool and was substituted in the 62nd minute.
Amid Arsenal's struggles on the pitch, Sanchez's transfer saga may be wearing thin with his teammates, as The Telegraph reported on Tuesday night that "the majority of the first-team squad have now had enough."
Manchester City and Chile goalkeeper Claudio Bravo told reporters on Tuesday that Sanchez was doing well with the national team.
"I don't think that he is in a complicated moment, in the sense that he is passing through a bad time," Bravo said. "I think it's the opposite, he has an incredible view ahead of him, to stay at his club or look for new horizons, but all in a positive way.
"It has no negative side, there is nothing wrong, and not only for Alexis, but for all our players."
With two days until the transfer window closes, a deal for Arsenal to sell Alex Oxlade-Chamberlain to Chelsea remains in the balance, while sources said West Brom have agreed a fee to take left-back Kieran Gibbs to the Hawthorns.
Inter Milan and Juventus target Shkodran Mustafi, along with Jack Wilshere and Mathieu Debuchy, could also be sold or loaned out. Lucas Perez has been told he can leave, but the Spaniard may now remain at the club as a deal with Deportivo La Coruna is still some way off.
Arsenal have also joined the race for West Brom's Jonny Evans, whose preferred destination remains Manchester City.
Jonathan is ESPN FC's Manchester City correspondent. Follow him on Twitter: @jonnysmiffy.