Sanchez looks increasingly likely to leave the Emirates sooner rather than later.
The question though remains at where he will end up with both Manchester United and Manchester City keen to sign him.
Pep Guardiola was thought to be the favourite to reunite with the Chile international, but Jose Mourinho has jumped at the opportunity to hijack the deal.
And United are said to be prepared to make Sanchez the best paid player in the Premier League.
For Arsenal though they have already switched their focus on bringing in a replacement for their star forward.
According to the Mail on Sunday, the Gunners are preparing a £35million bid to sign Malcom this upcoming week.
The 20-year-old has garnered plenty of interest for his displays at Bordeaux this season and is highly regarded in the Brazil youth set-up.
He can play either left or right of a front three, although Arsenal hold doubts whether he can cope with the rigours of the Premier League.
And a deal may not be simple to complete with Bordeaux holding out for close £45m.
Arsenal return to league action today when they take on Bournemouth (1.30pm) but the report suggests Sanchez is unlikely to play.
He was left on the bench for the Carabao Cup semi-final first leg against Chelsea midweek.