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Published 08:26 29 Dec 2016 GMT
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But the marksman's current deal is up in 2018, and that means we're into the period of will-he-or-won't-he silliness.
The Chilean wants over £200,000 a week, which seems fair enough considering his immense talents and the going rate for top players in the Premier League.
But apparently Arsenal are less than keen to fork out quite so much. In fact the latest story is that they're already looking at potential Plan Bs should Sanchez not end up committing.
The replacement in question is Borussia Dortmund's Marco Reus, who is of course a very fine talent indeed.
The Daily Mail report that Wenger has identified the German international as his number one target should Sanchez leave, and an extremely apt replacement he would be.
The one major snag (apart from Dortmund's feelings on the matter) is that Reus, for all his wonderful technique and creativity, would surely demand a king's ransom himself - plus a hefty transfer fee - and is only a year Alexis' junior.
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